Donald, 67, joined the board of Carnival Corporation in 2001 and of Carnival plc in 2003. A decade later, in July 2013, he was named Carnival president and chief executive. He was succeeded as president and chief executive by Josh Weinstein in August this year, and has since provided short-term support as vice-chair during the transition.

Donald’s resignation, effective from 30 November, will mark the end of his 21 years’ formal service to Carnival, although he will continue to provide counsel and advice on a consultancy basis.

Donald on Thursday (3 November) paid tribute to the "unmatched commitment, dedication and ingenuity" of Carnival’s employees at all levels, praising their "tireless" efforts to steer the business through the Covid crisis.

"After 21 years serving on the board, I feel the time is right for me to step aside, making room for others to enjoy the experience of contributing their leadership to our company while providing me increased flexibility to contribute outside of Carnival Corporation."

Micky Arison, Carnival Corp chair, said he had the utmost personal and professional respect for Donald, with whom he has worked for more than 20 years.

"He leads by example, listens intently, acts with integrity and puts a strong emphasis on supporting everyone around him," said Arison. "Arnold connects deeply with people and has an extraordinary ability to communicate, which has made him one of the most important and influential voices in our industry."

Randy Weisenburger, who sat on the board alongside Donald as lead independent director, added Donald had been instrumental not only in advancing Carnival’s fortunes, but those of the wider cruise industry.

"Arnold came in with a fresh point of view and an infectious, positive attitude, and he was able to build on Carnival Corporation’s long-term success," said Weisenburger. "We have such great respect for Arnold as a colleague and a proven leader with a strong track record of success – and the company has seen impressive accomplishments during his time, expanding the cruise market and accelerating our growth trajectory."