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Cruise operator Carnival says its CEO is stepping down

Carnival CEO Arnold Donald is stepping down in August.
Wilfredo Lee
Associated Press
Carnival CEO Arnold Donald is stepping down in August.

Carnival Corp. said Tuesday that CEO Arnold Donald will step down on Aug. 1 and be replaced by the cruise line company’s chief operations officer.

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 companyafter revenue fell to essentially zero.

The new CEO will be Josh 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 the year.

Weinstein 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.

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