More Changes at the Top of Carnival Corporation

More leadership changes have been announced for Carnival Corporation & plc - does this mean the company could be in trouble?

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Carnival Corporation & plc, the parent company for Carnival Cruise Line and nine other cruise lines, has announced multiple changes to its Board of Directors, with a new non-executive appointment as well as a new retirement.

This follows on the recent news that a key member of the company’s leadership, Arnold Donald, will finalize his resignation at the end of this month.

More Leadership Changes for Carnival Corporation

Sara Mathew has been appointed to Carnival Corporation & plc’s Boards of Directors, effective immediately.

Mathew has served as Chair, President, and Chief Executive Officer of Dun & Bradstreet Corporation, a highly rated analytics and data analysis firm headquartered in Jacksonville, Florida.

In various leadership roles through 12 years with Dun & Bradstreet, Mathew has focused significant strategic and operational expertise to drive transformative growth at large international companies.

Carnival Miami Office Sign
Photo Credit: JHVEPhoto / Shutterstock

Now, at Carnival Corporation & plc, Mathew will serve as a non-executive Board member and will also serve on the Audit Committees, transforming data into useful, actionable metrics for the travel industry leader.

“As the company continues on its path towards delivering durable top and bottom-line growth, we are excited to have Sara join the Boards as an experienced leader and strategic operator with expertise in technology and innovation, finance, and global consumer-facing brands,” said Micky Arison, Chair of the Boards of Directors.

“Sara’s unique perspective will be a valuable addition to the boardroom as we advance our long-term growth priorities.”

Mathew has earned a Master of Business Administration from Xavier University and a Bachelor of Science degree from the University of Madras in India, and she has been recognized for superior achievement throughout her career.

Mathew was named a Top Value Creator in the S&P 500 by Chief Executive magazine in 2013, National Association of Corporate Directors New Jersey Chapter Director of the Year in 2018, and a recipient of Proctor & Gamble’s John G. Smale Award for outstanding alumni in 2020.

Now, as Carnival Corporation & plc continues to refine its operation in the post-pandemic travel industry, Mathew will bring her considerable expertise and insights to the company.

Another Director Retires

Just as Mathew joins the board, another member has announced his retirement.

Sir John Parker has decided not to seek re-election to the Boards of Directors, now that the company is back on a post-pandemic recovery course, and will retire from the Boards at the conclusion of the 2023 Annual Meetings of Shareholders.

“We want to thank Sir John for his invaluable service to the company,” said Arison. “Throughout his tenure as a director of both Carnival plc since 2000 and of Carnival Corporation since 2003, Sir John has provided extensive insight and guidance to the Boards and to our global management team.”

Carnival Cruise Line Office
Photo Credit: JHVEPhoto / Shutterstock

Parker was founding Chairman and a valued member of the Health, Environment, Safety & Security Committees, a long-standing member of the Nominating & Governance Committees, and a previous member of the Audit and Remuneration Committees.

As the former head of a major shipbuilding company and having held prior industry roles in architecture and engineering, Parker brought valuable insights to critical areas of cruise travel development.

“Sir John has provided knowledgeable and unique perspectives of UK corporate governance policies and practices, including the importance of diverse representation,” said Arison.

“We appreciate Sir John’s thought leadership throughout his tenure and his invaluable contributions to broaden our Boards’ expertise in these key areas.”

Are These Changes Concerning?

With so many recent changes to Carnival Corporation’s leadership, should shareholders be concerned about the direction of the company and what new vision and expertise might mean for overall operations?

Quite the contrary, as such changes are not unprecedented.

The Boards of Directors regularly evaluate the leadership composition to ensure the appropriate mix of skills, experiences, and diversity of perspectives to effectively oversee the strategic direction of Carnival Corporation & plc.

With these recent changes as well as the previously announced retirement of Arnold Donald, Carnival Corporation & plc’s Boards will be comprised of twelve members as of April 2023.

Ten of those members are independent directors, four of whom are female and one of whom is ethnically diverse, and each one bringing new and valuable experiences and perspectives to the company for robust and productive growth.

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