by Donald Wood
Last updated: 8:55 AM ET, Tue November 9, 2021
The Royal Caribbean Group announced Tuesday that Chief Executive Officer Richard Fain would step down from his role, effective January 3, 2022.
Royal Caribbean Chief Financial Officer Jason Liberty will succeed Fain as CEO and join the Board of Directors, while Fain will remain as Chairman of the Board of Directors.
Fain spent more than 33 years as CEO of the Royal Caribbean Group, leading the way with innovations he championed involving every aspect of cruising, including revolutionary ship design, major sustainability efforts and more.
"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 said. "He is a highly versatile and strategic leader, who has been integral to all aspects of the company's accomplishments and performance."
In an advisory role, Fain will continue to work with Liberty and remain as part of the company's ship construction program.
"Richard has been a visionary leader, who has made innumerable and remarkable contributions to our company and our industry," Royal Caribbean Board director Bill Kimsey said. "Most recently, his stewardship during the COVID pandemic marks him as one of the great CEOs of his generation. The cruising community and all of us in the company owe him a debt of gratitude."
Liberty joined the Royal Caribbean Group in 2005 and served in several financial, strategic and operational roles before becoming CFO in 2013.
In addition to Liberty moving into the role of CEO, Naftali Holtz was also promoted to CFO. 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 said Liberty and Holtz "have done an exceptional job organizing over $12 billion of financing during this challenging period. They did so in a remarkably careful and methodical manner, which will serve us well in the years to come."
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