MIAMI -- Carnival Corp. and P&O Princess -- now known as
Carnival plc -- closed their merger transaction Thursday, bringing
to an end a 16-month saga that involved the largest cruise line
merger in history.
The boards of the two companies were altered -- although the two
companies will exist separately, they will share an executive board
-- with Micky Arison remaining CEO and chairman of Carnival
Corp.
Former P&O Princess CEO Peter Ratcliffe became an executive
director.
Lord Sterling, as expected, retired as chairman of P&O
Princess, but he also took a title of "life president" of U.K.
brand P&O Cruises and will act as a special advisor to
Arison.