Cruise magnate Micky Arison has resigned his role at Carnival Corporation, after more than 30 years at the helm.
Naming board member Arnold Donald his successor from July 3, Arison will remain chairman and the company's largest shareholder.
"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 chief executive," Arison said in a statement.
Arison leaves the company in a time of significant upheaval. In 2012, the 'Costa Concordia', a cruise ship operated by Carnival subsidiary Costa Cruises, capsized off the Italian coast killing 32.
Several Carnival vessels have also been plagued with problems in more recent times, with the 'Carnival Triumph' immobilised in the Gulf of Mexico following an engine fire, cutting on board electricals and sanitation.
The constant stream of crises has taken its toll on the company's reputation. According to Bloomberg BusinessWeek, the company has "seen its bookings for this year fall behind 2012 levels, even as its cruise fares have moved lower in a bid to win back wary travelers."
Though Carnival's nine other brands remain unaffected, with Holland America, Princess, and Costa all recording stronger bookings over last year and despite higher prices, the "biggest hitch in this math is that Carnival is the company's largest US brand, with the most inventory to sell", the news agency concluded.
Source: Bloomberg BusinessWeek
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