Royal Caribbean CEO Richard Fain to step down after 33 years in role and remain chair of board

[Tony O]

Royal Caribbean Group said Tuesday that Chief Executive Richard Fain is stepping down after more than 33 years in the role and will be replaced by Jason Liberty, who is currently chief financial officer. Fain will make the move on Jan. 3 and continue as chair of the board. Fain is the third-longest serving CEO among S&P 500 companies, the company said. "Under Fain's leadership, the Royal Caribbean Group introduced new and distinctive ship categories, with a diverse range of amenities and experiences that transformed the nature of cruising," it said. Liberty joined the company in 2005 and has served in financial, strategic and operational roles before becoming finance head in 2013. He will be replaced as CFO by Naftali Holtz, currently senior vice president of finance.

[Baron Barracuda]

After 33 years Richard is stepping down as CEO being replaced by CFO Jason Liberty.  He will remain Chairman of the board.

 

  https://www.marketwatch.com/story/royal-caribbean-ceo-richard-fain-to-step-down-after-33-years-in-role-and-remain-chair-of-board-2021-11-09

[Sunshine3601]

Will miss his wonderful informative videos that got us through covid shutdown😉

Time to retire and enjoy life🤩

Edited November 9, 2021 by Sunshine3601

[Baron Barracuda]

Full press release.  Diamond's current responsibilities extend well beyond typical CFO.  Has obviously been groomed as heir apparent.

 

https://www.prnewswire.com/news-releases/richard-fain-stepping-down-as-ceo-of-the-royal-caribbean-group-to-continue-as-chair-of-the-board-of-directors-jason-liberty-named-to-succeed-him-301419721.html

[twangster]

7 minutes ago, Baron Barracuda said:

Full press release.  Diamond's current responsibilities extend well beyond typical CFO.  Has obviously been groomed as heir apparent.

 

https://www.prnewswire.com/news-releases/richard-fain-stepping-down-as-ceo-of-the-royal-caribbean-group-to-continue-as-chair-of-the-board-of-directors-jason-liberty-named-to-succeed-him-301419721.html

 

Liberty?

[not-enough-cruising]

I find this a bit concerning, often times it is not good for the customer experience when somebody from the finance department takes over. I hope we don’t see a lot of belt tightening, and degradation of services and or quality  “in the interest of enhancing our experience“

[cublet]

2 minutes ago, not-enough-cruising said:

I find this a bit concerning, often times it is not good for the customer experience when somebody from the finance department takes over. I hope we don’t see a lot of belt tightening, and degradation of services and or quality  “in the interest of enhancing our experience“

Hello,

 

What's more worrying is that heretofore Liberty has had ultimate responsibility for RCG IT.

 

Regards,

 

Cublet

[lv2cruisgrl]

https://www.cruisehive.com/royal-caribbean-groups-richard-fain-stepping-down-as-ceo/59425

[Itchy&Scratchy]

there are two existing threads about it.

https://boards.cruisecritic.co.uk/topic/2812599-fain-stepping-down-as-ceo/

 

[not-enough-cruising]

50 minutes ago, cublet said:

Hello,

 

What's more worrying is that heretofore Liberty has had ultimate responsibility for RCG IT.

 

Regards,

 

Cublet

Oh boy

[twangster]

In a few years time we will reminisce about how great the IT experience used to be.  

[twangster]

Me in 2025:

 

•  "I remember was Sorrento's pizza was free, none of this $5 per slice charge"

 

•  "So let me get this straight... Diamond now get four drink vouchers for 10% off, Diamond Plus get 5 vouchers for 15% off and Pinnacle get 6 vouchers for 20% off?"  

 

•  "I'm not sure the Flowrider is worth $10 per ride"

 

•  "Since it's a special occasion we paid the $400 fee to pick your own cabin" 

 

•  "There used to be a Diamond Lounge in the Viking Crown area before they closed that deck to the public and started selling day passes for $25 per person per day just to sit up there"

 

• "New C&A perks!  Diamond get 10%, Diamond Plus get 15% and Pinnacle get 20% off the $15.95 helipad access fee"

 

• Future Blog Post - "Mr Liberty announced today due to overwhelming feedback they will reduce the MDR fee from $20 per person per day to $15.95 per person per day plus the standard 25% service fee"

 

• "Diamond at 4000 points, Diamond Plus at 10,000 points and Pinnacle at 100,000 points!"

 

Edited November 9, 2021 by twangster

[Oceansaway17]

1 hour ago, twangster said:

Me in 2025:

 

•  "I remember was Sorrento's pizza was free, none of this $5 per slice charge"

•  "So let me get this straight... Diamond now get four drink vouchers for 10% off, Diamond Plus get 5 vouchers for 15% off and Pinnacle get 6 vouchers for 20% off?"  

•  "I'm not sure the Flowrider is worth $10 per ride"

•  "Since it's a special occasion we paid the $400 fee to pick your own cabin" 

•  "There used to be a Diamond Lounge in the Viking Crown area before they closed that deck to the public and started selling day passes for $25 per person per day just to sit up there"

• "New C&A perks!  Diamond get 10%, Diamond Plus get 15% and Pinnacle get 20% off the $15.95 helipad access fee"

• Future Blog Post - "Mr Liberty announced today due to overwhelming feedback they will reduce the MDR fee from $20 per person per day to $15.95 per person per day plus the standard 25% service fee"

• "Diamond at 4000 points, Diamond Plus at 10,000 points and Pinnacle at 100,000 points!"

 

 

My you certainly are creative!!!!!!

 

It will blow my mind when they say "use the same towels in your room for a whole" week".  That would be a breaking point. 

Or better yet the wonderful cookies that RCI has, now $5 a cookie please!!!!!!   Hmm and the soft ice cream,  BRING YOUR OWN CONE OR DISH.   that would be over the top crap too.

 

Then again, the competitive market will handle these issues and the ebb and flow of business decisions will come and go.    Waiting for Icon class to see how that goes.

 

[orville99]

At least now Fain has time to get a haircut😇

[Jimbo]

Does it really matter?

[Baron Barracuda]

3 hours ago, twangster said:

 

Liberty?

oops

[RoyalC]

9 hours ago, not-enough-cruising said:

I find this a bit concerning, often times it is not good for the customer experience when somebody from the finance department takes over. I hope we don’t see a lot of belt tightening, and degradation of services and or quality  “in the interest of enhancing our experience“

Good point. We will see. Infinity better to have someone from the Marketing Dept to take over. They understand how consumer benefits translate to higher profits. Source- I'm a Marketing Professional (but it is still true).

[coaster]

Hope the new guy isn't like NCL's CEO. All that NCL guy (FDR) talks about is numbers and the need to sue Florida. Doesn't put a human element to things like Fain did. I give Fain credit for putting a respectful perspective on things when times are tough with all of his videos in the past few months. Class all the way!  Fain will be missed.

 

Surprised not to see more comments here about this topic.....

Edited November 10, 2021 by coaster

[Iamcruzin]

15 hours ago, not-enough-cruising said:

I find this a bit concerning, often times it is not good for the customer experience when somebody from the finance department takes over. I hope we don’t see a lot of belt tightening, and degradation of services and or quality  “in the interest of enhancing our experience“

And after the financial loss during the covid shutdown I would expect cutbacks and upcharges to be par for the course to recover.

[Biker19]

8 hours ago, Iamcruzin said:

And after the financial loss during the covid shutdown I would expect cutbacks and upcharges to be par for the course to recover.

Apparently customers are opening their wallets without too much "encouragement" from RCI - on board revenue is now 40% of the total revenue (20-30% pre COVID).

Edited November 10, 2021 by Biker19

[DirtyDawg]

13 hours ago, RoyalC said:

Good point. We will see. Infinity better to have someone from the Marketing Dept to take over. They understand how consumer benefits translate to higher profits. Source- I'm a Marketing Professional (but it is still true).

Well, at least the new guy is not from HR or Legal. 😉

 

And we all should remember what Sir Winston Churchill said (almost) 'a finance guy is the worst form of CEO – except for all the others that have been tried.'  😁

[Iamcruzin]

1 hour ago, Biker19 said:

Apparently customers are opening their wallets without too much "encouragement" from RCI - on board revenue is now 40% of the total revenue (20-30% pre COVID).

Paying for the cruise with FCC's or having already paid for the cruise with lift and shift is leaving more disposable income for on board spending. I would imagine that will level off as time goes by. 

[seasidemama]

On 11/9/2021 at 9:20 AM, not-enough-cruising said:

I find this a bit concerning, often times it is not good for the customer experience when somebody from the finance department takes over. I hope we don’t see a lot of belt tightening, and degradation of services and or quality  “in the interest of enhancing our experience“

 

Felt the need to bump up this brilliant foretelling of the future... Here we are... 

[seasidemama]

On 11/9/2021 at 10:46 AM, twangster said:

Me in 2025:

 

•  "I remember was Sorrento's pizza was free, none of this $5 per slice charge"

 

•  "So let me get this straight... Diamond now get four drink vouchers for 10% off, Diamond Plus get 5 vouchers for 15% off and Pinnacle get 6 vouchers for 20% off?"  

 

•  "I'm not sure the Flowrider is worth $10 per ride"

 

•  "Since it's a special occasion we paid the $400 fee to pick your own cabin" 

 

•  "There used to be a Diamond Lounge in the Viking Crown area before they closed that deck to the public and started selling day passes for $25 per person per day just to sit up there"

 

• "New C&A perks!  Diamond get 10%, Diamond Plus get 15% and Pinnacle get 20% off the $15.95 helipad access fee"

 

• Future Blog Post - "Mr Liberty announced today due to overwhelming feedback they will reduce the MDR fee from $20 per person per day to $15.95 per person per day plus the standard 25% service fee"

 

• "Diamond at 4000 points, Diamond Plus at 10,000 points and Pinnacle at 100,000 points!"

 

 

apropos pizza...

 

 

[deliver42]

When you put a CFO, who was the chief bean counter, as CEO, and he still thinks he's the CFO.