Royal Caribbean Group today announced in a press release that Richard Fain, chair of the board of directors since 1988, will be stepping down from his role in the fourth quarter of 2025.

Fain will remain as a director on the board. Jason Liberty, Royal Caribbean Group’s president and CEO since Jan. 3, 2022, was elected by the board of directors to succeed Fain as chairman and CEO and will assume the role in the fourth quarter.

The company also said that John Brock, a member of the board of directors since 2014 and current chair of the nominating and corporate governance committee, has assumed the role of the independent lead director.

“Fain’s leadership has been nothing short of transformative. Under his leadership, the Royal Caribbean Group has become the leading vacation company with industry-leading brands, ships, destinations and people,” said Liberty.

“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,” added Liberty.

“Fortunately, the company and I will continue to benefit from Fain’s experience and mentorship in his continued role as a director on our board.”

Fain said: “It is time to hand the wheel to the next generation of exceptional talent at RCG, and I am very confident that under Liberty’s strong leadership, the Royal Caribbean Group will accelerate to even greater heights in the years ahead.”

“Looking ahead, Brock brings invaluable experience from his time as chairman and CEO of Coca-Cola Enterprises and CEO of InBev, and strong integrity that will support the company’s ongoing growth and governance. I look forward to working with him in his new role, along with the rest of the board, as we execute on our bold ambitions,” Liberty added.