Carnival Corporation & plc To Split Roles Of Chairman And CEO
MIAMI, June 25, 2013 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
today announced its plan to split the roles of chairman and chief executive
officer. Micky Arison will continue to serve as Chairman of the Board of the
company and Arnold W. Donald, a highly experienced and respected business
leader who has served on the company's board for the past 12 years, will assume
the CEO role effective July 3.
Arison became CEO in 1979. At that time the company was privately held and
operated three cruise ships under one brand, generating $44 million in revenues
and carrying approximately 160,000 passengers a year. By 1987, Carnival Cruise
Lines had become the world's largest cruise operator and Arison took the
company public. Working in partnership with current vice chairman and COO
Howard Frank, Arison led the company through an aggressive expansion that
included the acquisition of several iconic cruise brands, including Holland
America Line, Costa Cruises, Cunard and Seabourn. In 2003, a merger between
Carnival Corporation and P&O Princess Cruises plc - comprised of Princess
Cruises, P&O Cruises (UK), P&O Cruises (Australia), and German cruise brand
AIDA - was completed, creating the first global cruise operator and one of the
largest leisure travel companies in the world. In addition, the company
undertook an ambitious schedule of new ship introductions. Under Arison's
leadership, Carnival Corporation & plc has grown to more than 100 ships,
carrying 10 million passengers a year and generating more than $15 billion in
annual revenues.
In his role as chairman, Arison will continue to provide board level oversight
for the company and will remain the company's largest shareholder. Donald will
lead the executive team, initially focusing on achieving the company's
long-term strategic goals while working directly with the operating brand
executives. Frank will continue to serve in his current role as vice chairman
and COO of the company, supporting Donald in working with the corporate level
executive team. The move has received unanimous approval from the company's
nominating and governance committee as well as the full board of directors.
"I have been discussing this with the board for some time now and feel the
timing is right to align our company with corporate governance best practices
and turn over the reins after 34 years as CEO," said Arison. "Arnold is an
exceptional professional with extensive experience in organizational leadership
who will bring a fresh perspective to the company. I have come to value and
rely on his judgment and insight during the 12 years he has served on the
company's board and I am very confident in his ability to move the organization
forward." Arison added, "As chairman, I will still be working closely with
Arnold to ensure a great future for all our stakeholders."
Donald's expansive career includes numerous global leadership roles including a
large publicly traded company, private equity firms, governmental appointments
and large not-for-profits as well as serving on boards of directors on
companies across many business sectors. He has a strong working knowledge of
the cruise business gained through 12 years serving on the Carnival board.
Donald founded and led Merisant, a company whose products include tabletop
sweetener brands Equal and Canderel. He also held multiple senior management
roles at Monsanto over the course of 20-plus years, including president of the
company's consumer and nutrition sector and president of its agricultural
sector. Additionally, Donald is former president and CEO of the Executive
Leadership Council, a professional network and leadership forum for
African-American executives of Fortune 500 companies. Donald has also held
roles within a number of civic and charitable organizations including serving
as president and CEO of the Juvenile Diabetes Research Foundation
International. Donald also currently serves on the board of Bank of America
Corporation. He will continue to serve on Carnival's board of directors but
will relinquish his committee roles.
"I am honored and privileged to have this opportunity to lead the next stage of
growth for Carnival Corporation & plc," said Donald. "As a board member, I have
come to know Micky, Howard and the company well. I have a first-hand
appreciation of what it has taken to develop this highly successful business,
an understanding for the dynamics and challenges we face, and a great deal of
confidence in the company's management team and their ability to execute. I
have enormous respect for Micky as a visionary in our industry, and as the
builder and leader of Carnival. I have come to know many of the talented
professionals who work within Carnival during my time on the board and I look
forward to working with the company's many stakeholders including our 90,000
employees, 10 million guests, thousands of travel agent partners, vendors and
shareholders around the globe."
Carnival Corporation & plc is the largest cruise company in the world, with a
portfolio of cruise brands in North America, Europe, Australia and Asia,
comprised of Carnival Cruise Lines, Holland America Line, Princess Cruises,
Seabourn, AIDA Cruises, Costa Cruises, Cunard, Ibero Cruises, P&O Cruises
(Australia) and P&O Cruises (UK).
Together, these brands operate 102 ships totaling 209,000 lower berths with
seven new ships scheduled to be delivered between May 2014 and April 2016.
Carnival Corporation & plc also operates Holland America Princess Alaska Tours,
the leading tour company in Alaska and the Canadian Yukon. Traded on both the
New York and London Stock Exchanges, Carnival Corporation & plc is the only
group in the world to be included in both the S&P 500 and the FTSE 100 indices.
SOURCE Carnival Plc
CONTACT: MEDIA CONTACT, Jennifer de la Cruz, 1 305 599 2600, ext. 16000;
INVESTOR RELATIONS CONTACT, Beth Roberts, 1 305 406 4832