Embattled Carnival Corp. CEO to step down

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Carnival Corp. CEO Micky Arison said he’s stepping down after more than 30 years in the leadership role.

His announcement comes on the heels of several cruise disasters, from power outages to fires to stranded passengers. The Costa Concordia that ran aground off Italy’s coast in 2011 — an incident that led to the deaths of 32 — belonged to the Carnival line, too.

Mr. Arison, CEO since 1979, will be replaced by now-director Arnold Donald, ABC reported. He will continue to keep his board chairman role, however.

The cruise line has been forced to offer huge discounts to attract buyers who were turned off by the recent ship mishaps, leading to revenue losses of almost 2 percent, ABC reported.

“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,” said Mr. Arison in the ABC report.

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