CARNIVAL SPLITS EXEC ROLES

Carnival Corporation & plc said it is planning 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, who has served on the company’s board for the past 12 years, will assume the CEO role effective July 3. When Arison became CEO in 1979, 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. Today, it is a publicly traded company with multiple brands which include 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). It now has over 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. Howard 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.