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Skift Take
Donald has had to deal with the biggest crisis ever to hit the cruise industry, and leaves the company in still-uncharted waters with an uncertain path to recovery.
Arnold Donald, Carnival Corp’s president and CEO, is stepping down, the world’s largest cruise company announced Tuesday. Donald’s last day will be Aug. 1, where he will be appointed vice chair and member of the boards of directors.
The move comes as Carnival is struggling to overcome the hardships of the pandemic and return to profitability.
Chief operations officer Josh Weinstein will replace him. A 20-year veteran at the cruise line, Weinstein has most recently been overseeing all major operational functions including global maritime, global ports and destinations, global sourcing, global IT and global auditing.
He also oversaw Carnival UK, the operating company for P&O Cruises (UK) and Cunard, which he previously managed directly for three years as president.
Like all cruise lines, Carnival Corp has suffered at the hands of the pandemic, and in June last year sold shares worth $500 million as it sought to restart its operations after a long break.
It was unclear if a dispute over Donald’s pay package affected the decision to change leadership.
This month, Carnival faced a shareholder revolt over Donald’s compensation, with 36 percent voting against the company’s giving the CEO a total package of $15.1 million for the year through November 2021, including a $1.5 million salary, a $6 million bonus, and stock awards that are tied to company performance. The package was a jump from $13.3 million for 2020 and $11.1 million for 2019.
The company said it hopes to return to profitability later this year.
BREAKING: This breaking news story is being updated throughout the day.
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