Richard Fain on long-term strategy
From Delivering the WOW, with Richard Fain (Leadership, Travel, Culture, Business) · · The Action Catalyst
“Our goal isn't just to get through today or next week or next month. Our goal is when this pandemic is over. We need to make sure that we're in a position so that when it does end, we're in a position to move forward in a positive way. And that meant taking care of our people. That meant taking care of our ships. That meant taking care of our private destinations.”
On , Richard Fain, Former Chairman & Chief Executive Officer at Royal Caribbean Group, spoke about long-term strategy during Delivering the WOW, with Richard Fain (Leadership, Travel, Culture, Business) on The Action Catalyst.
About Richard Fain
Richard Fain, former chairman and CEO of Royal Caribbean Group, appeared on the podcast "Delivering the WOW" on March 1, 2024, where he discussed the company's experience during the Covid-19 pandemic. Fain said that within a few weeks the company went from generating a billion dollars a month to zero revenue, a situation he said his training and business school background had not prepared him for. He described the period as both horrifying and gratifying, citing how employees came together toward a common goal. Fain also discussed the company's decision-making during the pandemic, stating that the mantra was not about saving money by putting ships in cold layup, but about ensuring they would be ready when the pandemic ended. He characterized this approach as a "cheap expense" when viewed in the context of the company's goal of operating after the pandemic. Fain added that the company's focus was on how to emerge from the crisis rather than on short-term expenses.