Royal Caribbean Appoints CEO Jason Liberty As Chair, Ending Richard Fain's 37‐Year Run

Royal Caribbean Group (RCL) said on Friday that its long-standing chairman, Richard Fain, will step down from the role in the fourth quarter.

The company said that Fain, who has been chairing the board since 1988, will continue to serve as a director. 

Jason Liberty, the company's president and chief executive officer, will assume the board chairman role in addition to his existing duties.

Among other board-level changes, John Brock, a Board member since 2014, will take on the newly created position of independent lead director.

The top-level changes come in a period of strength in the cruise line business. Royal Caribbean posted better-than-expected profit for the last quarter and raised its full-year outlook, a rare move in the current macroeconomic climate.

The company said it saw record bookings during the“wave season,” a key promotional period in the cruise industry.

Moreover, in recent months, credit rating firms have also expressed confidence.

Moody's Ratings has dropped its junk rating on Royal Caribbean Cruises (RCL) debt, months after an upgrade from S & P Global Ratings.

Moody's struck an upbeat tone on the industry, saying, "Demand for cruises will continue to grow, leading to gains in revenue and earnings and a strengthening business profile with improved credit metrics."

On Stocktwits, retail sentiment for Royal Caribbean was 'bullish,' unchanged from the previous week.

One user called the stock the "best in breed."

RCL shares are up 20% year to date.

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