Carnival Corporation announced Tuesday (April 26) that Josh Weinstein, its chief operations officer, would become the next CEO, taking over from Arnold Donald.
Donald has been CEO of Carnival for nine years and had led the company to post a record profit in 2018 before the COVID-19 pandemic hit. He will become the vice chair of the company on Aug. 1.
Weinstein takes over at a critical time for Carnival as it restarts its operations after a pandemic-related pause, while also tackling other issues, such as the rise in fuel prices due to the Russia-Ukraine crisis.
While he was COO, Weinstein oversaw Carnival's operational functions, including the company's maritime operations and ports of call.
It is unclear if a dispute over Donald’s pay package is related to the decision to change leadership, or if Donald is choosing to retire.
As reported by Skift, Carnival, this month, faced a "shareholder revolt" over Donald’s compensation, with 36 per cent voting against the company’s giving the CEO a total package of $15.1M for the year through November 2021, including a $1.5M salary, a $6M bonus, and stock awards that are tied to company performance.
The package was a jump from $13.3M for 2020 and $11.1M for 2019.
Earlier this month, Carnival forecast a loss for a third straight year. Last December, when the Omicron variant cancelled people’s winter travel plans, the company posted a $1.9B quarterly loss.
Carnival says it hopes to return to profitability later this year as it aims to return all nine of its major cruise brands to sea by the end of 2022.