Richard Fain, the Chief Executive Officer of Royal Caribbean Group, is stepping down after more than three decades with the U.S. cruise line, which is still recovering from the coronavirus catastrophe.

Royal Caribbean announced on Tuesday that finance chief Jason Liberty will take over as CEO and will be charged with restoring the firm to pre-pandemic levels as sailing operations gradually resume more than a year after they were suspended.

During the epidemic that wiped out half of Royal Caribbean's market value in 2020, Fain was one of the key leaders who pushed for a safe restart of sailings.Inside Look: Odyssey of the Seas Revealed | Royal Caribbean Blog

The business formed a task force with rival Norwegian Cruise Line Holdings Ltd to help create safety standards for the industry's relaunch.

Due to pent-up demand from tourists, Royal Caribbean became the first major cruise line to restart operations from U.S. ports in June, and booking trends for 2022 are approaching historical levels, according to the company.

With most of the company's ships operational and the group nearing a full return to cruising, Fain, who will step down in January 2022, said it was "the perfect time to move down."

Fain oversaw the company's growth into a group with approximately 60 ships, encompassing many cruise line brands such as Royal Caribbean International and Celebrity Cruises, throughout his tenure.

Fain will continue to serve as chairman of the board of directors and will collaborate with Liberty, who joined Royal Caribbean in 2005 and was named chief financial officer in 2013.

Royal Caribbean also announced that senior vice president Naftali Holtz will take over as CFO.