Arnold Donald, the president and CEO of Carnival Corporation, the world’s largest cruise company, is stepping down. 

The company announced that, effective Aug. 1, Donald would be appointed Vice Chair and member of the cruise company’s board of directors. 

Josh Weinstein, currently chief operations officer at Carnival, will assume the role of president and CEO of Carnival Corporation. 

“Josh is a proven executive who is well-respected throughout the company, serving in key leadership roles, driving strong business results during his tenure and playing an integral part in stewarding the company through the global pandemic,” Donald said in a statement. “Josh’s thorough understanding of our industry, operations and business strategy puts him in a tremendous position to lead the next phase of our company’s journey. With his vision, intensity and core values truly aligned to those of our company, I cannot think of anyone better suited for this role than Josh.”

Weinstein has been with Carnival for 20 years in various wings of the company. 

“I am truly humbled to take up the role of CEO and am honored to lead such a talented team of over 100,000 ship and shoreside team members who do such an incredible job in delivering unforgettable, happy vacations to our guests, day in and day out,” Weinstein said. “I have benefitted tremendously from Arnold’s guidance and mentoring, and I would like to thank him, Micky Arison our Chairman and the entire Boards of Directors for their support. I look forward to building upon the company’s successes as we move forward.”