Richard Fain Steps Down

[lv2cruisgrl]

https://www.cruisehive.com/royal-caribbean-groups-richard-fain-stepping-down-as-ceo/59425

[mahdnc]

 

 

[bikerunner]

Interesting, not sure of a fan of the CFO taking over as this is a numbers guy.   Will see what happens over the next few months.....

[TeeRick]

Agree- Interesting that they are replacing him with the CFO and not one of the cruise line chief execs like LLP or Michael Bayley.

[bikerunner]

7 minutes ago, TeeRick said:

Agree- Interesting that they are replacing him with the CFO and not one of the cruise line chief execs like LLP or Michael Bayley.

In a sense it does make sense, they have a mass of debt that needs to be figured out an addressed.  Over 20 billion so that will need to be paid down or they will be completely screwed in next few years Many companies in same boat overall with this issue.  

[graphicguy]

Good for him.  He just successfully navigated the most trying time in the industry's and certainly, the company's history.  He deserves to back away from the day-to-day and take a roll much less demanding.

[lv2cruisgrl]

Would be nice if they could get the IT department fixed. Hope the ne bean counter doesn't up the prices!

[lv2cruisgrl]

Just now, lovrccl said:

Would be nice if they could get the IT department fixed. Hope the new bean counter doesn't up the prices!

 

[NutsAboutGolf]

Should be noted he will remain chair of board

[TeeRick]

I did find Richard Fain's YouTube chats and updates during the worst of the pandemic both enjoyable and informative.

[miched]

Am on board a ship now.   I mentioned to the captain that he stepped down.  The captain said he will still have influence and he highly respected him as someone that was very knowledgeable about the cruise industry. 
 

Happy cruising 🌊🚢🇺🇸🌅

[NanaChar]

What I found interesting is the article in Cruise Critic.  They mentioned Richard Fain being the head of the Royal Caribbean Group.  Then fawned how he put more attractions on the RC ship, how he was in charge to bring the largest ship on the sea to cruising and the innovation he brought to the newer RC ships.  The only mention of Celebrity and its sister companies was that he brought them into the RCG fold.  But, what picture did they post?????

[Brad1185]

He needed to go. 
 

[LGW59]

52 minutes ago, NanaChar said:

What I found interesting is the article in Cruise Critic.  They mentioned Richard Fain being the head of the Royal Caribbean Group.  Then fawned how he put more attractions on the RC ship, how he was in charge to bring the largest ship on the sea to cruising and the innovation he brought to the newer RC ships.  The only mention of Celebrity and its sister companies was that he brought them into the RCG fold.  But, what picture did they post?????

Huh?!?

[C-Dragons]

On 11/9/2021 at 10:40 AM, TeeRick said:

Agree- Interesting that they are replacing him with the CFO and not one of the cruise line chief execs like LLP or Michael Bayley.

No need to at this point. It's all about the $$$$ Imo.

Fain gets to step down and keep his Golden Parachute.

LLP and Bayley will stay at the helm of their respective Lines with their current salaries.

Edited November 11, 2021 by C-Dragons

[Honolulu Blue]

1 hour ago, NanaChar said:

What I found interesting is the article in Cruise Critic.  They mentioned Richard Fain being the head of the Royal Caribbean Group.  Then fawned how he put more attractions on the RC ship, how he was in charge to bring the largest ship on the sea to cruising and the innovation he brought to the newer RC ships.  The only mention of Celebrity and its sister companies was that he brought them into the RCG fold.  But, what picture did they post?????

 

Of course!  I'm going to assume this is a picture of the Edge just before its first voyage from the U.S. after the shutdown.  It's as big a moment in recent RCG history as any, IMHO.

 

P.S.  Richard's in the middle, and I recognize the rock star on the far right.  I'm very lazy, so is one of the other guys Jason "Liberty Liberty Liberty" Liberty?

[nocl]

On 11/9/2021 at 9:08 AM, lovrccl said:

 

Considering that all of the products that the cruise lines have to buy - Food, Fuel, Alcohol, etc are going up in price one would certainly expect that cruise prices will also go up.

[TeeRick]

40 minutes ago, nocl said:

Considering that all of the products that the cruise lines have to buy - Food, Fuel, Alcohol, etc are going up in price one would certainly expect that cruise prices will also go up.

Yes I would bet on that!

[nocl]

Keep in mind that Richard Fain headed the company during the golden age of cruising.  Rapid expansion, many new ships and innovation, expanding margins.

 

The next few years are going to be much more fiscally demanding and not nearly as much fun for whoever in in operational control of the company.

 

He stayed in charge and got the company through the shutdown, good time to turn the companies over to someone who is going to have to deal extremely directly with the debt and pricing issues.

[grandgeezer]

5 hours ago, nocl said:

Considering that all of the products that the cruise lines have to buy - Food, Fuel, Alcohol, etc are going up in price one would certainly expect that cruise prices will also go up.

They have a trigger built into fuel pricing that allows them to add a surcharge of up to $10 p.d. per person, when the price raises over $65 per barrel, with $140 p.p. max per cruise. The current price is about $82. They did this for a brief period of time, in 2009 when oil was well over $100 per barrel, but rescinded it pretty quickly. With the massive debt they have incurred they might be forced to do something sooner rather than later.