Royal Caribbean: A Change at the Top

Richard Fain, chairman of Royal Caribbean Group's board of directors, will step down from that role later this year.

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."