Analyst Note| Jaime M. Katz, CFA |
After steering no-moat Royal Caribbean through numerous economic cycles, a plethora of health- and terrorist-related events, and most recently the coronavirus pandemic, long-time CEO Richard Fain announced that he would be moving solely to the chairman of the board of directors role in January 2022. Picking up the reins is Jason Liberty, whose eight-year tenure as CFO and more than 15 years with the company should provide a smooth transition. Liberty is well versed on the operations and financial aspects of all the brands under the Royal Caribbean Group portfolio, offering a unique purview into demand across demographics and geographies. Taking Liberty’s CFO seat will be Naftali Holtz, senior vice president of finance, who has been involved in revenue management, capital allocation, and treasury, among others.