Richard Fain is to step down as the CEO of Royal Caribbean Group on January 3, it has been announced.
He will continue as chairman of the board of directors. Jason Liberty, the company’s chief financial officer will become CEO.
Fain, who is the third longest serving CEO among the current S&P 500, has been the boss of Royal Caribbean for more than 33 years.
He oversaw a period of huge growth for the group – including the construction of Royal Caribbean’s groundbreaking Oasis-class ships – which have come to symbolise the company in many people’s eyes, as well as the deal for ultra-luxury cruise line Silversea, pictured.
Fain said: “There are no words to express my admiration and appreciation to the people of the Royal Caribbean Group, who have been the real drivers of our success; and my profound appreciation for the support and guidance of the Board of Directors during good times and bad throughout this long period of sustained growth.”
“Given the great depth and breadth of our leadership, and the positive outlook for our business, this is the appropriate time to step aside and have Jason take over,” Fain added. “He is a highly versatile and strategic leader, who has been integral to all aspects of the company’s accomplishments and performance.”
Liberty joined the Royal Caribbean Group in 2005 and served in several financial, strategic and operational roles before becoming CFO in 2013.
He said: “Our incredible people and culture, combined with our leading brands and the most innovative fleet in the world are what make our organization so successful. I’m grateful to both the board for selecting me, and to Richard, for his friendship, mentoring and guidance. I look forward to building upon the company’s remarkable record in the years ahead.”