Royal Caribbean head Richard Fain has announced that he will retire from the post of CEO effective 3rd January next year.
He will be replaced by the CFO Jason Liberty.
Fain will remain Chairman of the Royal Caribbean Group Board and will stay involved with the new shipbuilding projects.
“I’m not disappearing from this industry we all love. I will remain as Chair and I will continue my involvement in our newbuilding projects. But starting in January, I will no longer be involved in the day to day running of the business,” he said in a video announcement.
Replacing Liberty will be Naftali Holtz, who 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 been the CEO for 33 years, taking the company from the ‘Sovereign’ Class ship era to today.
Under Fain, Royal Caribbean introduced new ship classes, such as the ’Sovereign’, ‘Voyager’ and ‘Oasis’ classes. He was also running sister brand Celebrity Cruises.
He was described as a stalwart figure during the last two years during the Covid-19 pandemic, keeping Royal Caribbean Group afloat during the shutdown that threatened the core business after over a year of zero operations.
Fain joined Norwegian Cruise Line Holdings’ CEO, Frank del Rio, to form the Healthy Sail Panel, a group of health experts who established safety and wellness protocols to restore confidence in cruising safety.
Liberty joined the company in 2005 and served in several financial, strategic and operational roles before becoming CFO in 2013.
He 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.
“Jason is exactly the right person at the right time, and he is supported by an amazing team of innovative and imaginative leaders who will help drive that growth,” Fain said.