ROYAL Caribbean Group (RCG) Chief Executive Officer Richard Fain (pictured) is stepping down after more than 33 years at the top of the company, with Chief Financial Officer Jason Liberty named to succeed him.

Fain, who will continue as Chair of the board of directors, is the third-longest-serving Chief Executive Officer among current S&P 500 companies and will serve his last day as CEO on 03 Jan 2022.

RCG under Fain’s leadership saw the introduction new and distinctive ship categories, including Royal Caribbean International’s (RCI) Sovereign, Voyager, and Oasis classes, and Celebrity Cruises’ Solstice and Edge classes.

Fain also oversaw the development of RCI’s highly anticipated Icon class, to be introduced in 2023, and Silversea Cruises’ Project Evolution, which will become the industry’s first hybrid-powered ship when introduced in 2023.

The outgoing CEO said with most of RCG’s ships operating, and a full return to cruising approaching, it was the right time to step down; however, he will continue his involvement in the company’s ship construction program.

“There are no words to express my admiration and appreciation to the people of the Royal Caribbean Group, who have been the real drivers of our success; and my profound appreciation for the support and guidance of the board of directors during good times and bad throughout this long period of sustained growth,” Fain said.