Micky Arison will give up the job as CEO of Carnival Corp., but remain chairman of the cruise company his father founded 40 years ago.
Carnival said Arnold Donald, a board member for the past 12 years, will become CEO effective July 3.
"I have been discussing this with the board for sometime now and feel the timing is right to align our company with corporate governance best practices and turn over the reins after 34 years as CEO," Arison said. "Arnold is an exceptional professional with extensive experience in organizational leadership who will bring a fresh perspective to the company."
Arnold has been an senior executive at Monsanto Corp., and founded and led Merisant, a company whose products include tabletop sweetener brands Equal and Canderel.
He also is former president and CEO of the Executive Leadership Council, a professional network and leadership forum for African-American executives of Fortune 500 companies. Follow Tom Stieghorst on Twitter @tstravelweekly.