Royal Caribbean CEO to step down after 33 years

Richard Fain, Chairman and CEO of Royal Caribbean Group, speaks before the departure of the Celebrity Edge cruise ship, Saturday, June 26, 2021, in Fort Lauderdale, Fla. This is the first cruise ship to leave a U.S. port since the coronavirus pandemic brought the industry to a 15-month standstill. The seven day cruise will sail at 40 percent capacity, and with virtually all passengers vaccinated against COVID-19. (AP Photo/Marta Lavandier) (Marta Lavandier, Copyright 2021 The Associated Press. All Rights Reserved.)

MIAMI – The CEO of Miami-based Royal Caribbean Group will step down after more than 33 years heading the cruise company.

The company announced Richard Fain will retire as CEO in January and will remain chair of its board of directors.

Chief Financial Officer Jason Liberty will replace him as CEO.

Royal Caribbean is the world’s second largest cruise company and includes Royal Caribbean International, Celebrity Cruises and Silversea Cruises.

Like other major cruise lines, it was hit hard by cancelled sailings during the coronavirus pandemic. It resumed departures out of some U.S. ports earlier this year.