Fain will leave the post on 3 January 2022 and will be succeeded by Jason Liberty, although he will remain on the Royal board.

Royal said Fain’s career would be defined by the innovations he championed, ranging from "revolutionary" ship design to the dramatic technological advancements and sustainability efforts.

He will continue to work with Liberty on the group’s ship construction programme, with Royal having introduced its distinct and diverse range of ship categories under Fain’s leadership.

Liberty joined the group in 2005 and has worked in a range of financial, strategic and operational roles before being appointed chief financial officer in 2013.

Royal said his operational duties, though, had stretched far beyond his core role, and had seen him take responsibility for Silversea, Royal’s joint ventures with Tui and Hapag Lloyd, and its strategic, technological, supply chain, port operations and legal functions.

Naftali Holtz, Royal Caribbean Group senior vice-president of finance, will succeed Liberty as CFO when he takes over from Fain.

Royal also hailed Fain for his role steering the group through the pandemic, and his efforts to drive the Healthy Sail Panel – which has played a pivotal role in the resumption of US cruising.

"Richard has been a visionary leader, who has made innumerable and remarkable contributions to our company and our industry," said Bill Kimsey, lead director of the Royal Caribbean Group board.

"Most recently, his stewardship during the Covid pandemic marks him as one of the great CEOs of his generation. The cruising community and all of us in the company owe him a debt of gratitude."

Fain is currently the third-longest serving chief executive among S&P 500 leaders, the Standard and Poor’s stock market index.

"There are no words to express my admiration and appreciation to the people of the Royal Caribbean Group, who have been the real drivers of our success; and my profound appreciation for the support and guidance of the board of directors during good times and bad throughout this long period of sustained growth," he said.

Fain said that he and RCG’s board had developed a careful succession planning process for when he decided to step down. 

Liberty added: "I’m grateful to both the board for selecting me, and to Richard, for his friendship, mentoring and guidance. I look forward to building upon the company’s remarkable record in the years ahead."