Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Carnival Replaces CEO as Bookings Decline

Carnival Corp. (NYSE: CCL  ) , operator of Carnival Cruise Lines and nine other cruise brands, will split the roles of chairman and CEO currently held by Micky Arison, the company announced yesterday.

Arison, who will keep his title as chairman of the board, has been CEO since 1979, before Carnival became a publicly traded company. Carnival was founded in 1972 by Ted Arison, Micky Arison's father.

Arnold Donald, who has served on Carnival's board for the past 12 years, will become the new CEO on July 3. Donald was CEO of Merisant Company, a producer of sweetener products that he founded, from 2000 to 2003. He also held multiple senior management roles at Monsanto.

"As chairman, I will still be working closely with Arnold to ensure a great future for all our stakeholders," Arison said in a statement.

This change in executive leadership comes at a time of declining revenues for Carnival. Second-quarter gross revenue, affected by discounts in cruise ticket pricing, decreased 3.1% over the same period the previous year. Nevertheless, declining fuel prices helped Carnival produce a U.S. GAAP net income of $14 million for the quarter.

Negative publicity following several incidents involving Carnival cruise ships -- including the running aground of the Costa Concordia in 2012 -- has contributed to a decline in cruise passengers. Carnival said that cumulative advance bookings for the rest of 2013 are behind those of last year, even with lower ticket pricing.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2510845, ~/Articles/ArticleHandler.aspx, 9/29/2016 1:29:19 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 3 hours ago Sponsored by:
DOW 18,339.24 110.94 0.61%
S&P 500 2,171.37 11.44 0.53%
NASD 5,318.55 12.84 0.24%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/28/2016 4:02 PM
CCL $48.78 Up +0.43 +0.89%
Carnival CAPS Rating: ***
MON $102.56 Up +0.31 +0.30%
Monsanto CAPS Rating: ***