Royal Caribbean legend, Richard Fain, is taking another step back from the cruise giant.
The company announced on Friday Mr. Fain is stepping down as Royal Caribbean Board Chairman in the fourth quarter of 2025. He will remain on the Board of Directors.
Replacing him will be Jason Liberty, Royal Caribbean Group President and CEO. He'll take over the role in the fourth quarter of 2025.
Additionally, John Brock, a member of the Board of Directors since 2014 and current Chair of the Nominating and Corporate Governance Committee, has assumed the role of Independent Lead Director.
The change in board leadership signifies the transition Royal Caribbean Group is making to the next generation. In the years since Mr. Fain stepped down as CEO of Royal Caribbean Group, the Icon Class was introduced along with plans for river cruises and an expansion of private destinations.
"Time to hand the wheel to the next generation"
In a statement, Mr. Fain expressed his gratitude for time spent, and thinks the company is moving in the right direction.
"It is time to hand the wheel to the next generation of exceptional talent at Royal Caribbean Group, and I am very confident that under Jason's strong leadership, the Royal Caribbean Group will accelerate to even greater heights in the years ahead," noted Richard Fain.
Mr. Liberty also shared his thoughts on the change.
"Richard's leadership has been nothing short of transformative. Under his leadership, the Royal Caribbean Group has become the leading vacation company - with industry leading brands, ships, destinations and people," said Liberty.
"I am honored and humbled to have been elected as Chairman and CEO and I look forward to continuing to create and deliver the ultimate vacation experience for our guests and delivering elevated long-term value for our shareholders. Fortunately, the company and I will continue to benefit from Richard's experience and mentorship in his continued role as a Director on our Board."
Richard Fain's legacy
Richard Fain worked at Royal Caribbean since 1988, and he leaves behind a tradition of leadership and vision for the future.
Under Mr. Fain's tenure, Royal Caribbean went from a cruise line with a handful of ships to a market leader with dozens of ships all over the world.
The company expanded to include Celebrity Cruises and Silversea, growing the offerings and experiences available.
Notably, he ushered in the mega ship era. The arrival of the Oasis Class ships instantly raised the bar for what the public expected from a mainstream cruise line.
On top of that, he oversaw the Perfect Day at CocoCay transformation. This has fundamentally changed the entire cruise industry's approach to a private island. Beach, chairs, and umbrellas aren't enough anymore, and we're seeing other cruise lines rush to upgrade their private destinations to match.
All the while, Mr. Fain ensured steady growth, even while facing a cruise industry shutdown in 2020 that crippled the industry.
Many credit Mr. Fain's leadership in 2020-2021 for providing a beacon of hope that cruises would return, and since then, Royal Caribbean has emerged financially and strategically stronger for it.
Who is Jason Liberty?
Taking over as Board Chairman is the current Royal Caribbean Group CEO, Jason Liberty.
Mr. Liberty served in several financial, strategic and operational roles before becoming CFO in 2013. He was then promoted to CEO in 2022.
Since taking over as CEO, he's been the face of the giant cruise company and an advocate for pushing the company forward while managing its post-shutdown financial future.
In the company's most recent earnings call, he echoed a phrase he's used many times, "Our plan.. continues to be grounded in our proven formula for success, moderate capacity growth, moderate yield growth, and strong cost control."
In his three years at the helm, he's signed off on plans to expand into river cruising, as well as expanding to more private destinations.
"We're committed to pushing the boundaries of what a modern-day vacation can be – delivering innovative experiences that create unforgettable memories for our guests and value for the communities we visit," he said last month in a prepared statement.
