Carnival Corporation & plc announced that former President and CEO Arnold Donald will step down from its Board of Directors after more than two decades of service.
The 67-year-old Donald’s resignation is effective Nov. 30.
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The cruise company revealed that the former CEO will continue to provide advice and counsel to Carnival and its boards through a consulting agreement that runs from December 1 to February 25, 2025.
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“I am immensely proud of all we have achieved together these past nine years, including the critical roles played by the Board, senior management and every person at this amazing company who worked tirelessly with unparalleled dedication, commitment and ingenuity to put our company, after the industry impact of the global pandemic, in a position to continue the sustained success we’ve been enjoying,” Donald said.
As part of the deal, Donald will receive $1 million a year in compensation for services rendered, along with health care coverage for himself and his wife. During the term of the consulting agreement 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 the Board of Directors of Carnival Corporation in 2001 and on the Board of Directors of Carnival plc 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 service on the Board, I feel the time is right for me to step down, leaving room for others to enjoy the experience of their contribution in our leadership. company providing me with increased flexibility to contribute outside of Carnival Corporation,” continued Donald.
As a result, Josh Weinstein was promoted from chief operating officer to the role of President and CEO, with Donald continuing to support the company in the short term during the transition as Vice-Chairman.
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