by Donald Wood
Last updated: 2:13 PM ET, Thu November 3, 2022
Carnival Corporation & plc announced that former President and CEO Arnold Donald is stepping down from the Boards of Directors after more than two decades of service.
The 67-year-old Donald's resignation is effective November 30.
The cruise company revealed the former CEO would continue to provide counsel and advice to Carnival and its Boards through a consulting agreement running between December 1 and February 25, 2025.
"I am extremely proud of all we have accomplished together these past nine years, including the critical roles played by the Board, the senior leadership and every person in this amazing company who worked tirelessly with unmatched commitment, dedication and ingenuity to put our company, following the global pandemic's industry impact, in a position to continue the sustained success we were enjoying," Donald said.
As part of the agreement, Donald will receive $1 million per year as compensation for services provided, along with health care coverage for him and his spouse. During the term of the consulting deal and for six months thereafter, the former executive is prohibited from providing services to a direct competitor of Carnival or any other cruise line.
Donald began serving on Carnival Corporation's Board of Directors in 2001 and Carnival plc's Board of Directors in 2003. He was eventually named President and CEO in July 2013 and announced his retirement in April.
"It is an honor and a privilege to serve this great company, and after 21 years of serving on the Board, I feel the time is right for me to step aside, making room for others to enjoy the experience of contributing their leadership to our company while providing me increased flexibility to contribute outside of Carnival Corporation," Donald continued.
As a result, Josh Weinstein was promoted from chief operations officer to the role of President and CEO, with Donald continuing to support the company in the short term during the transition as Vice-Chair.
For the latest travel news, updates and deals, be sure to subscribe to the daily TravelPulse newsletter here.
Topics From This Article to Explore
