Richard D. Fain.
Introduction; Educational and Professional background.
Richard D. Fain, 64, is the current Chief Executive Officer and Chairman of Royal Caribbean Cruises Limited (Hoover's handbook of American business, 2002). The Royal Caribbean Cruises Limited is an international cruise company that operates 38 ships under Azamara Cruises, Royal Caribbean International, Celebrity Cruises, and CDF Croisieres de France. He is also the chairman of the Board of Azamara Club Cruises, Inc (Bobmorris, 2011).
Fain joined Royal Caribbean, as an outside director in 1979, and became the Cruises line’s CEO and Chairman, in 1988. Before he joined the company, he had spent 13 years as a joint managing director, CFO, and treasurer of Gotaas-Larsen shipping Corp, a London based operator of cargo ships (Bryant, 2011). He has been in the shipping industry for over 26 years. Fain can be described as an innovator, and significant foundation builder, in Cruise Company; his contributions in form of ideas, decisions, leadership style and knowledge, have significantly contributed to the growth of this company (Royal Caribbean cruises ltd, 2010).
Fain is a B.S. degree holder from University of California at Berkeley in Economics. He also holds an MBA from Wharton School of Business from the University of Pennsylvania. His educational and professional growth can be traced from as early as in 1970’s before he became the CEO of Royal Caribbean Cruises Limited. His professional growth is, however, significant in his current position where he has achieved several honors, recognitions and awards.
Fain has served as the co-chair of the United Way campaign of Miami –Dade County. He currently serves as a Trustee in the University of Miami. In 2004, Fain was honored as the ultimate CEO in the South Florida Business journal. The National Ethnic Coalition Organization also honored him with the Ellis Island Medal of Honor, in the same year. This led him to the induction into the Florida Business Hall of Fame in October the same year. Fain has also received awards of recognition from France’s most distinguishable awards, French Legion of Honor, and named as Commander, First Class of the Order of the Lion, by Finland.
His professional growth accrues to the skills that he has acquired in serving as a treasurer, chairman in different boards, and the experience that he has gained from the shipping industry for over 28 years (Bobmorris, 2011). His flexibility, adaptability and passion for work have significantly contributed to his overall success, and the success of Royal Caribbean Cruises Limited. Fain describes his transitions in jobs as the core of his achievements, and a reason as to why he is in a position of some professional authority.
As the CEO and Chair of Royal Caribbean Cruises, Fain deals with a variety of challenges that can be considered to be tough, and unpredictable. He has to cope with the loses brought about by the hurricanes, market the company over the internet, make recreational facilities, and figure out on how to recycle some products so as to cut down on costs. His leadership style, however, propels all these challenges, and always drives him to a sustainable conclusion (Adeniyi, 2007).
Fain is innovative, initiator of strategies, flexible to changes, has a will to take risks and challenges, and has an urge of sharing his credits with his colleagues. According to Fain, the innovativeness plays a significant role in attracting expertise, and passionate professionals. He believes in suitable working conditions, quality service, and customer valuation.
One of the significant ideas that Fain has brought up in this company is on recreational and recycling element (Bryant, 2011). For the past two decades, Royal Caribbean has not only become a premier cruise line, but has also made sea vacationing appealing to international clientele. This is due to the introduction of the rock climbing, which was an alternative to ‘ship wall’ recreational services. The company has gained revenue of over $5.2 billion. Richard D. Fain also introduced refrigeration as a solution to growth of bacteria from used cans, and bottles (Woodside and Martin, 2008). The cans were not only a health hazard but also a contributor to environmental degradation. Keeping the cans refrigerated prevents bacterial growth thus meeting health requirements till a recycler picks them up from the port (Bonnici, 2011).
Communicator and Leadership styles.
Richard D. Fain believes in communication; he believes that everyone has their own communication style, and being open remains the solution to faced challenges (Bobmorris, 2011). He communicates to the workers often, tries to be explicit in what he hopes to initiate or accomplish, and listens to the response from workers, and clientele. His style of communication can be described as informative, legitimate, referent, and expertise.
In his lime of duty, Fain is referred to for assistance, since he possesses knowledge over the others, and has the will to share this knowledge (Knowledge @ Wharton, 2008). He has the capability to empathize with subordinates, and this gives him power to determine their feelings and thoughts. He believes in presenting information in a coherent and logical manner, and this can be linked to why most of employees are motivated to work harder. Fain believes in legitimacy, and use of authoritative power when necessary. However, he applies power judiciously for the growth of the company (Wood, 2000).
His communication style has seen growth in interpersonal skills in the company where the employees feel motivated and passionate to serve their customers (Adeniyi, 2007). In addition, the style supports employees in understanding their expectations, and their roles. A significant example can be reviewed on the shift from traditional advertising on environmental hazards to word of mouth campaign. Most employees found this challenging and less convincing to most customers, but listening to their views led to a solution in the environmental critics that the company had received. He integrated the employee’s ides in using modern technology in campaigning with using word of mouth to talk to customers. This has attracted higher rates of returns in the business with a growth of 40% in gusts list (Bryant, 2011).
Perpetual learner and listener.
Throughout his life, Fain has been involved in long life learning programs either directly or indirectly. His whole experience in service industry has contributed to overall growth in knowledge and skills to continue serving people, and improve on his abilities (Knowledge @ Wharton, 2008). He focuses mainly on the little things that happen in daily management, develops them to defining moments, and takes ownership of such issues, and works on them without losing focus (Bonnici, 2011). This has contributed to generation of ideas, and improved on his learnt knowledge and capabilities.
Richard Fain listens and learns from mistakes; an example can be derived from when he was put under probation on six months in Philadelphia. In the first place, Fain was never passionate about this job, and to make it worse after his probation, his boss dismissed him to another line of service (Wood, 2000). With his determination, Fain listened to his boss, and requested that he be added three extra months to have enough time to solve what seemed like the problem. This experience boosted his skills in problem solving and decision making.
His strategies and ideas are viewed by most of his colleagues as difficult to achieve due to their complexities (Knowledge @ Wharton, 2008). However, throughout his experience in the profession, Fain has learnt to be attentive to what other people think come up with integrative ides that combine his thoughts to those of subordinates. He learns from his failures, achievements, and motivation from his mentors as well as employees (Gerzon, 2006).
Conclusion.
Most of the problems that the shipping industry is facing, in the 21st Century are unpredictable, and can only be solved if one has an ability to swing with the flow. Richard D. Fain can be said to be an example of one of the leaders who has been swinging with the flow in making Royal Caribbean a success. Complementing his communication styles, leadership and authoritative styles, knowledge, and experience has enabled growth, in the company. His courage and determination to solve challenges, make comprehensible decisions, and motivate his employees, has contributed to his professional success, and growth of the shipping industry.
Fain feels that there is nothing wrong in practicing perfectionist, since he has always acted as one, but he realizes that messing up is one of the best lesson. He finds that people do not only look up to his guidance but also his responsibility and composure. His legacy in Royal Caribbean Cruises Limited is everything that any CEO, director or manger in the shipping industry or any other industry would apply in making any institution a success.
Reference.
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http://bobmorris.biz/richard-d-fain-royal-caribbean-cruises-in-%E2%80%9Cthe-corner- office%E2%80%9D
Bonnici, C. A. (2011). Creating a successful leadership style: Principles of personal strategic planning. Lanham: Rowman & Littlefield Education.
Bryant, A. (Feb 26, 2011). Want Clarity? Learn to Play Devil’s Advocate. The New York Times. Work cited,
http://www.nytimes.com/2011/02/27/business/27corner.html?pagewanted=all&_r=0
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Gerzon, M. (2006). Leading through conflict: How successful leaders transform differences into opportunities. Boston, Mass: Harvard Business School. Bottom of For
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Hoover's handbook of American business: 2002. (2002). Austin, Tex: Hoover.
Knowledge @ Wharton. (April 30, 2008). Leadership and Change. Royal Caribbean's Richard Fain: Letting People Know You Care 'Is of Surpassing Value’, Work cited,
http://knowledge.wharton.upenn.edu/article.cfm?articleid=1945
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Royal Caribbean cruises ltd. (2010). S.l.: General Books.
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Woodside, A. G., & Martin, D. (2008). Tourism management: Analysis, behavior and strategy. Wallingford, UK: CABI Pub.
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