Richard Fain, the man who turned Royal Caribbean into one of the world’s leading cruise companies, is stepping down after 33 years with his reign ending in disaster.
Royal Caribbean Group’s CEO Richard Fain will step down after 33 years with the company. The stock price has been on a steady decline for the last few years, and it is not expected to change in the near future. Read more in detail here: royal caribbean stock price.
Richard Fain, the CEO of Royal Caribbean Group (RCG), stood down at midnight on Monday morning after more than three decades in the position.
Jason Liberty, who previously served as the company’s CFO, has now formally taken his post. Liberty will follow Fain as CEO, while Naftali Holtz, previously of RCG’s senior vice president of finance, will take over as CFO.
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Fain’s decision and the January 3 transfer date were originally announced in early November by Royal Caribbean Group, the parent company of Royal Caribbean International, Celebrity Cruises, and Silversea Cruises, as well as a co-owner of TUI Cruises and Hapag-Lloyd Cruises.
“Given the depth and breadth of our leadership, as well as the optimistic future for our company,” Fain stated at the time, “now is the perfect moment to move aside and have Jason take over.” “He is a very adaptable and strategic leader who has contributed to the company’s success and performance in every way.”
Fain made the decision before the Omicron variant emerged in late November, and well before the Centers for Disease Control and Prevention (CDC) issued its current recommendation that Americans avoid cruising regardless of vaccination status on December 30, which will likely pose a new challenge for RCG’s new leadership.
Fain was the “third longest-serving CEO among current S&P 500 CEOs,” according to the company’s statement of his departure. According to USA Today, the former CEO will continue on the board in an advising function as head of the RCG’s board of directors.
Royal Caribbean grew from a single brand sailing five ships in the Caribbean to a worldwide firm with five separate brands and 60 ships, sailing to all seven continents and over 800 locations, and employing 85,000 people during Fain’s tenure.
Liberty and Holtz, as Fain pointed out, “During this difficult era, they have done an outstanding job arranging nearly $12 billion in finance. They did it in a meticulous and thorough way that will benefit us in the years ahead.”
“Our company’s success is largely due to our culture and the ideals we hold dear,” Fain remarked. “Jason exemplifies those principles, and I am certain that he will continue to try to improve them in an ever-changing environment. I am delighted that such a highly competent and ethical leader will follow me as CEO. Jason will take the organization to new heights.”
Liberty, according to Kimsey, has played an important role “For many years, he has played a key role in every major endeavor the firm has undertaken, and he was vital in helping the company manage during the epidemic. He was unanimously chosen by the Board of Directors to be the future CEO of the Royal Caribbean Group.”
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