- Push-out Score determined
- After 34 years in the position
- Praise and thanks for Fain
- Jason Liberty taking over
- Fain will remain as Chair of the Board at Royal Caribbean
- Fain made a lengthy statement and said 202 words
(exechange) — Miami, Florida, November 9, 2021 — Richard Fain, chief executive of Royal Caribbean, leaves his position. As announced by Royal Caribbean Cruises Ltd. in a news release on Tuesday, November 9, 2021, Richard D. Fain leaves his post as chief executive officer at the cruise company, after 34 years in the role, effective January 3, 2022.
It is the end of an era.
Richard Fain’s duties as CEO will be taken over by Jason T. Liberty, currently Chief Financial Officer at Royal Caribbean Cruises Ltd.
It is a generational change as well. Jason Liberty is about 28 years younger than Richard Fain.
“The time was right to step down”
Richard Fain’s departure from the CEO post is explained as follows. Royal Caribbean said: “Fain said that he and RCG’s Board of Directors had developed a careful succession planning process for when he decided the time was right to step down.”
Fain will remain as Chair of the Board at Royal Caribbean
“Fain will remain as Chair of the Board of Directors,” Royal Caribbean said.
“Step down”
Royal Caribbean said: “Richard Fain, whose innovations during more than 33 years as Chief Executive Officer of the Royal Caribbean Group (NYSE: RCL) helped shape the modern cruise industry, has decided to step down as CEO on January 3, 2022.”
Share price increase since November 2016
The announcement follows an increase in Royal Caribbean Cruises Ltd.’s share price of 23% since November 2016.
In the position of CEO since 1988
Richard Fain became CEO of the Company in 1988.
Fain has served as a director since 1981 and as the Company’s Chairman and Chief Executive Officer since 1988.
Fain is a recognized industry leader, having participated in shipping for over 40 years and having held a number of prominent industry positions, such as Chairman of the Cruise Lines International Association (CLIA), the largest cruise industry trade association.
He currently serves on the University of Miami Board of Trustees and the Uhealth Board of Directors.
He is former chairman of the University of Miami Board of Trustees, the Miami Business Forum, the Greater Miami Convention and Visitors Bureau, and the United Way of Miami-Dade.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Richard Fain’s move on a scale of 0 to 10.
exechange reached out to Royal Caribbean and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2021 ($).