Following declining share values from $15 at its IPO in February to less than $6 this summer, and conflicting reports on its earnings (or losses) for the rest of the year, Royal Caribbean Cruises has replaced its CEO and CFO and appointed two new board members.

ROC has appointed Vasilios Kapetanakos as president and CEO. He succeeds Panayitotis Papastravrou. Kapetanakos comes from Celebrity Cruises where he was executive vice president and COO.

ROC also announced the resignation of Ian Davis as director of finance. The new CFO is Salomon Toledano who was previously CFO at Club Med. In addition, ROC announced the election of Harry Haralambopoulos and John S. Rogers to its board of directors.