Carnival PLC - Miami, Florida-based cruise operator - On Thursday said President & Chief Executive Officer Arnold Donald is stepping down from the board of directors after more than two decades, effective November 30.

Donald turned over both roles earlier in the year to colleague Josh Weinstein, who was promoted from chief operations officer. Donald will provide consultation services to Carnival from December 1, 2022 to February 25, 2025, for compensation of $1 million per year, alongside health coverage for him and his spouse.

Outgoing CEO Arnold Donald says: ‘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.’

Current stock price: 721.60 pence, up 3.5% on Friday

12-month change: down 53%

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