Richard Fain on COVID-19 restart strategy
From News for Crew - Richard Fain, CEO Royal Caribbean Group speaks and sings to his Leaders and Crew. · · CTI Group Worldwide Services, Inc
“The answer is simple: we believed in our people and we believed in the science. We prepared. We started preparing early because we knew what was happening and because we wanted to get the flywheel of demand going early.”
On , Richard Fain, Former Chairman & Chief Executive Officer at Royal Caribbean Group, spoke about COVID-19 restart strategy during News for Crew - Richard Fain, CEO Royal Caribbean Group speaks and sings to his Leaders and Crew. on CTI Group Worldwide Services, Inc.
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.