Home » Lifestyle » Army veteran who turned Royal Caribbean into a multi-billion dollar company dies at 87
Army veteran who turned Royal Caribbean into a multi-billion dollar company dies at 87
Royal Caribbean is betting big on Millennials
Fox Business Outlook: Royal Caribbean invests $120 million in its Mariner of the Seas ship as part of plan to attract Millennials by offering shorter cruises.
Army veteran-turned-Royal Caribbean Cruise Line founder Edwin W. Stephan passed away on Friday at 87 years old after founding the company in 1969 and turning it into a multi-billion dollar enterprise, the company announced Saturday.
Continue Reading Below
Stephan helped to pioneer the modern cruise industry as travelers know it today, making Miami the cruise capital of the world upon launching the first ship built for warm-water cruising in 1970. Under Stephan's leadership, the company became one of the world's top cruise lines, with six different brands and 63 ships operating on all seven continents and 77,000 employees worldwide.
Last year, the company posted $9.49 billion in revenue with profits of $1.82 billion, or $4,974,773 per day, according to cruise line-focused website Cruzely.