Carnival CEO Arnold Donald stepping down Aug. 1
Investors had reportedly complained about pandemic-era compensation for Donald, who has been CEO since 2013
Carnival Corporation, a juggernaut of luxury cruises around the world, is replacing its chief executive officer.
Carnival CEO Arnold Donald will step down from his position effective Aug. 1, the company announced. Donald will be moving from the executive suite to Carnival's board of directors. Donald has been in his leadership position since 2013, and most recently guided the company through the world's years-long pandemic. Donald will be replaced by Carnival COO Joshua Weinstein.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CCL | CARNIVAL CORP. | 23.68 | -0.55 | -2.27% |
"I am truly humbled to take up the role of CEO and am honored to lead such a talented team of over 100,000 ship and shoreside team members who do such an incredible job in delivering unforgettable, happy vacations to our guests, day in and day out," Weinstein said.
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"I have benefited tremendously from Arnold's guidance and mentoring, and I would like to thank him, Micky Arison our Chairman and the entire Boards of Directors for their support," Weinstein continued. "I look forward to building upon the company's successes as we move forward."
Arnold Donald, CEO of Carnival Corp., holds up the company's new Ocean Medallion, a small wearable for their cruise ship passengers, during his keynote address at CES in Las Vegas, Jan. 5, 2017. (REUTERS/Rick Wilking / Reuters Photos)
Donald's tenure as CEO was a lucrative venture – he made over $15 million between November 2020 and November 2021. The payment was made up of his comparatively meager $1.5 million salary, $6 million in bonuses, and over $7 million in stock awards, according to the Times.
His sizable paycheck reportedly caused issues with investors who questioned the extensive bonuses in a time of near-collapse for the industry, according to Travel Weekly.
An aerial view from a drone shows the Royal Caribbean Symphony of the Seas Cruise ship which is the world's largest passenger liner docked at PortMiami after returning to port from a Eastern Caribbean cruise as the world deals with the coronavirus ou (Joe Raedle/Getty Images / Getty Images)
Donald will be taking over as vice chair of the board of directors.
"Josh is a proven executive who is well-respected throughout the company, serving in key leadership roles, driving strong business results during his tenure and playing an integral part in stewarding the company through the global pandemic," Donald wrote of his successor. He added, "Josh's thorough understanding of our industry, operations and business strategy puts him in a tremendous position to lead the next phase of our company's journey. With his vision, intensity and core values truly aligned to those of our company, I cannot think of anyone better suited for this role than Josh."
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Montego Bay, Jamaica - April 30 2019: Carnival Freedom Cruise Ship docked at the Montego Bay Cruise Port in Freeport (iStock / iStock)
Carnival Cruise Line said earlier this month that it had posted its best-ever booking week in the company's history.
With relaxed regulations worldwide and normal travel, the company reported its busiest booking week was from March 28 to April 3, 2022.
This surge is a relief to many in the company after years of docked cruise ships. Horror stories about quarantined boats, mistreated crews and failure to take sufficient precaution dominated reporting on the industry from the beginning of the pandemic.