Richard Fain, chairman of Royal Caribbean Group's board of directors since 1988, will step down from that role in the fourth quarter. Jason Liberty will take on the chairman's role in addition to his duties as CEO.
Fain will remain a board director.
"It is time to hand the wheel to the next generation of exceptional talent, 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," Fain said in a statement.
Fain was Royal Caribbean Group CEO from 1988 to 2022, when Liberty was promoted to succeed Fain.
"Richard's leadership has been nothing short of transformative," Liberty said. "Under his leadership, the Royal Caribbean Group has become the leading vacation company -- with industry-leading brands, ships, destinations and people. 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."
John
Brock is the board's new independent lead director. He has served on the
board since 2014 and was formerly CEO of Coca-Cola Enterprises.