USA: Change in Management at Royal Caribbean Group: CEO Richard Fain Steps Down

After more than 33 years, Richard Fain, CEO of Royal Caribbean Group, steps down. This was announced earlier this week by the international cruise company. Fain will be succeeded by current Chief Financial Officer (CFO) Jason Liberty, who joined the company in 2005 and has since served in several financial, strategic and operational roles before being named CFO in 2013. Liberty, who will also join the Board of Directors, will assume his new role on January 3, 2022. Richard Fain will remain with the company as Chair of the Board of Directors and will also continue being involved in the group’s ship construction program.

Under Fain’s leadership, the company developed into one of the largest cruise ship companies worldwide, including the development of new ship classes such as the “Sovereign” class, the “Voyager” class and the “Oasis” class. Fain also contributed significantly to the development of the “Solstice” and “Edge” ship classes of subsidiary Celebrity Cruises, the highly anticipated “Icon” class of Royal Caribbean International (RCI), which is scheduled to launch in 2023, and “Project Evolution” by luxury cruise company Silversea Cruises, which is also part of the company, under which a hybrid ship is to be launched in the summer of 2023. The position of CFO will be filled by Naftali Holtz, currently Senior Vice President of Finance for the Royal Caribbean Group.

A current feature on the topic of cruise ships can also be found in our Nov/Dec issue (EAP 6/2021), highlighting the new “Disney Wish” cruise ship and its entertainment offer. (eap)