Carnival Corp. said Vice Chairman and Chief Operating Officer Howard Frank will step down and take an advisory role with the company.
The move comes four months after Arnold Donald assumed the chief executive title at the world’s largest cruise operator from Micky Arison, who held the position for 34 years. Arison remains chairman of the Miami-based company.
Frank, 72, who had been vice chairman since 1993, will stay on as special adviser to Arison and Donald, the company said in a statement today. The change is effective Dec. 1.
Alan Buckelew, currently the president and chief executive officer of the company’s Princess Cruises subsidiary, will become Carnival’s chief operations officer. Stein Kruse, the president and chief executive officer of Carnival’s Holland America Line, will add Princess to his current responsibilities.
Carnival rose 1 percent to $35.20 at the close in New York. The shares have dropped 4.3 percent this year through Nov. 1.