Carnival PLC (LSE:CCL) and Carnival Corporation (NYSE:CCL) chief executive Arnold Donald will step down in August and be replaced by the company's chief operations officer, Josh Weinstein.
Donald, one of relatively few black chief executives at major US companies, has led the cruise line operator since 2013 and will continue on the board as vice chairman.
Carnival hit record profits before the pandemic brought revenue down almost to zero,. with Donald leading efforts to raise billions in debt and stock over the past two years to keep the business afloat while Covid rules prevented it from operating cruises.
Some shareholders reacted negatively at a meeting earlier this month on the metrics tied to the CEO's 2021 compensation package of US$15mln, according to media report.
New boss Weinstein will take the helm as the cruise industry looks to steer a course out of the pandemic, with Carnival guiding to its nine top cruise brands getting their full fleets to be back on the water this year.
Carnival's shares fell nearly 6% in midday trading.
Carnival's shares are down almost 13% in 2022, a little more than the 11.5% decline in the S&P 500, and are down more than 35% over the past 12 months. Comparatively, competitor Royal Caribbean shares are up nearly 3% on the year and down roughly 9% over the past 12 months.