Richard Fain, whose innovations during more than 33 years as CEO of Royal Caribbean Group helped shape the modern cruise industry, has decided to step down from his position on January 3, 2022, the company announced. Chief Financial Officer Jason Liberty will succeed him as CEO and join the Board of Directors. Fain will remain Chairman of the Board.
Fain's career is defined by the innovations he championed in all aspects of cruising, from revolutionary ship design to major sustainability efforts, as well as pioneering technologies and features that enriched the onboard experience for millions of guests.
Under Fain's leadership, Royal Caribbean Group introduced new and distinctive ship categories, with a diverse range of services and experiences that transformed the nature of cruising. These transformative ships include Royal Caribbean International's Sovereign, Voyager, and Oasis classes; Celebrity Cruises' Solstice and Edge classes; Royal Caribbean International's highly anticipated Icon class, to be launched in 2023; and Silversea Cruises' "Project Evolution," which will become the industry's first hybrid-powered ship when it debuts in 2023. Fain, in partnership with Liberty, will continue his involvement in the Group's shipbuilding program.
Liberty joined the Royal Caribbean Group in 2005 and held various finance, strategic, and operational roles before becoming Chief Financial Officer in 2013. His operational responsibilities have expanded over the years and have extended far beyond those typically associated with a CFO. Liberty is also responsible for Silversea Cruises, the Group's joint ventures with TUI Cruises and Hapag-Lloyd Cruises, as well as the Royal Caribbean Group's strategy, technology, supply chain, port operations, and legal functions.
The company also announced that Naftali Holtz will become chief financial officer when Liberty assumes the role of CEO. Holtz is currently senior vice president of finance for the Royal Caribbean Group, responsible for corporate, capital, and revenue planning and analysis, deployment planning, risk management, and treasury.
Fain has led the company through the global pandemic, and was one of the driving forces behind the creation of the Healthy Cruise Panel, a group of renowned health experts who established safety and wellness protocols to restore confidence in the safety of cruises.
“Richard has been a visionary leader who has made countless remarkable contributions to our company and our industry,” said Bill Kimsey, Senior Director of the Board. “His recent management during the COVID pandemic marks him as one of the great CEOs of his generation. The cruise community and all of us at the company owe him a debt of gratitude.”.
Fain said that he and the RCG Board of Directors had developed a careful succession planning process for when he decided it was the right time to step down. “Words cannot express my admiration and gratitude to the people of the Royal Caribbean Group, who have been the true drivers of our success; and my deep appreciation for the support and guidance of the Board of Directors through the good times and the bad throughout this long period of sustained growth.”
Fain said that with most of the Group's ships in operation, the full return to cruising approaching, and the Group's brands under the leadership of exceptional CEOs, it was the right time to step down. "Given the great depth and breadth of our leadership, and the positive outlook for our business, this is the appropriate time to take the next step and for Jason to take over," Fain said. "He is a highly versatile and strategic leader who has been integral to all aspects of the company's achievements and performance.".
Fain also said that Liberty and Holtz “have done an exceptional job arranging more than $12 billion in financing during this difficult period. They have done so in a remarkably careful and methodical manner, which will serve us well in the years to come.”
“Our success as a company has been largely based on our culture and the values we cherish,” said Fain. “Jason embodies those values, and I know he will work to build upon them in this ever-changing world. I couldn’t be more pleased to be succeeded as CEO by such a qualified and principled leader. Jason will take the Group to new heights.”.
Kimsey noted that Liberty has played "an important role in every major initiative the company has undertaken for many years, and was instrumental in helping to manage the pandemic. The Board enthusiastically and unanimously elected him to be the next CEO of the Royal Caribbean Group.".
Liberty said he was honored and humbled to become CEO of the Royal Caribbean Group. “Our incredible people and culture, combined with our leading brands and the world’s most innovative fleet, are what make our organization so successful. I am grateful to the board of directors for choosing me and to Richard for his friendship, mentorship, and guidance. I look forward to building on the company’s outstanding track record in the years to come.” He continued, “Naftali has demonstrated his ability to lead the financial organization and is well-prepared to assume the important role of chief financial officer.”
