CEO of Carnival to Step Down in August

Arnold Donald will become vice chair of the cruise company's board and Josh Weinstein will take over as CEO.

The Carnival Sunshine

Carnival Corp. announced Tuesday that CEO Arnold Donald will step down on Aug. 1 and be replaced by the cruise line company's current COO, Josh Weinstein.

Arnold Donald, CEO of Carnival Corp., will become vice chair of the cruise company's board.

Donald has led Miami-based Carnival since 2013, when he succeeded founder Mickey Arison, and is among a relatively small number of Black CEOs at major U.S. corporations. The company said Donald, 67, will become vice chairman of the board.

Under Donald's watch, the company hit record profits before the pandemic. Last fall, he described running the company after revenue fell to essentially zero.

The new CEO will be Weinstein, 48, a 20-year company executive. He will take the helm as the cruise industry tries to recover from the pandemic, which caused ships to be mothballed and cut off revenue for the companies. Carnival expects each of its nine top cruise brands to return their full fleets to sailing by the end of this year.

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Weinstein currently oversees much of Carnival's business, including its global maritime, audit and information-technology operations. Before that, he spent 10 years as the company's treasurer.

Shares of Carnival fell nearly 6 percent in midday trading.