Richard Fain is 70 years young. He delights in not just trying new things but driving them. That's how he leads, too. Over 30 years as chairman and chief executive of Royal Caribbean Cruises Ltd., he's built a culture that fuels innovation.
'Best job in the world'
He's having fun doing it. One of Fain's favorite sayings: 'I have the best job in the world.'
'To be a CEO that long is 'quite a healthy tenure,' a leading financial analyst said, adding that Fain has been a visionary and has 'led with innovation, driving leading hardware and concepts.'
In recent years the company has achieved tighter cost control and the discipline to also make RCL a leader in financial metrics, the analyst added. He said Fain additionally has the ability to 'pull good people around him.'
Fain oversees 66,000 employees and a fleet of 48 ships. Eleven newbuilds are on order. In 2017, when revenues neared $8.8bn, RCL hit its three-year 'Double-Double' goals of doubling earnings per share and a double-digit return on invested capital. In fact, EPS more than doubled and ROIC reached 10.5%, 50 basis points better than the target.
Just days ago Fain announced RCL is taking a 67% stake in Silversea Cruises, expanding the company into the luxury and expedition sectors. He called Silversea a 'crown jewel.'
Insights from Arnold Donald, Adam Goldstein and others
No individual but Fain has been profiled more than once in Seatrade Cruise Review. In fact, '30 years a CEO' in the just-out June edition of the magazine is Seatrade's third profile of him over the years, and besides his observations, the story shares insights from Arnold Donald, president and CEO, Carnival Corp. & plc; Adam Goldstein, vice chairman, Royal Caribbean Cruises Ltd.; Michael Bayley, president and CEO, Royal Caribbean International; Lisa Lutoff-Perlo, president and CEO, Celebrity Cruises; and Larry Pimentel; president and CEO, Azamara Club Cruises.
Previous profiles were in 2008 and in 2003, when Fain graced the cover of Seatrade Cruise Review. Those stories can be downloaded here.
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