Richard Fain has announced his retirement from the position of CEO of Royal Caribbean Group (RCG), effective from 3 January 2022, after 33 years at the helm.
He will be succeeded by Jason Liberty, the current CFO of the Miami-based cruise conglomerate. Fain will remain chair of the board.
Liberty will take over at a time when RCG and the rest of the industry need to repair their balance sheets after the damage inflicted by the Covid-19 pandemic. It would not be surprising if future capital expenditures came under scrutiny upon Liberty’s assumption of the role.
His appointment did not come as a surprise, particularly after Adam Goldstein, most recently vice chair of the group, left the company in early 2020, after 32 years of service.