Richard Fain on operational strategy
From Delivering the WOW, with Richard Fain (Leadership, Travel, Culture, Business) · · The Action Catalyst
“Our mantra is not how can we save money by shutting down the ships and putting them in cold layup. But if we put them in cold layup, will they be ready to go when the pandemic is over? ... It's a very expensive thing to do. But if you remember that our goal is what happens after the pandemic, then it becomes a cheap expense. It becomes a necessary expense.”
On , Richard Fain, Former Chairman & Chief Executive Officer at Royal Caribbean Group, spoke about operational 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.