Carnival CFO just resigned

[bitemyfly]

The average tenure of c level position is 3 yrs. ,  This is especially true in areas of both Aggressive growth and Severe contraction in a company lifecycle .

Theses periods need a different skill set , and They tend to move on once the goals of that particular board is met.. they don’t tend to make friends in those circumstances . I worked in a senior capacity for a high tech firm, before this firm succumbed to the tech crash and ultimately merged with HP ..they brought in a cfo who was both brilliant and a shark , very different from the slow and steady days of business as normal.

the changing of c level positions in this time would be expected and could be seen as a positive .. adapt to survive 

[jetsfan58]

It's Human Nature. Some can handle the stress and grey hairs that accompany leadership and some can't. Wouldn't read too much into as people make career moves all of the time. 

[jetsfan58]

I believe that most C-Level Corporate Executives are truly genuine and care for people. There are always those with adverse motives to simply delegate all of the tasks "get paid" and move on. The proverbial "Golden Parachute" probably does not reside within the Carnival Organization at this stage of the game. For that reasoning, there may or may not be an incentive for a Senior Executive to contemplate leaving. 

 

Parachute or not, when/if the Executive Board says "Go" you pack it up and await the escort to see you out.  
 

[SLCfirsttimer]

2 hours ago, drsel said:

He has worked for Disney Cruise lines, Royal Caribbean and Carnival.

 

Despite having so many years experience in the Cruise industry, he is leaving for another completely different industry.

 

it just shows that he does not have any faith in the business prospects of the entire Cruise industry.

And he is the CFO!

 

 

Amazing how you can know his internal thoughts and reasons for leaving from an article that is completely devoid of any mention of reasons for his departure.

Edited August 14, 2020 by SLCfirsttimer

[JeanieTheMom]

3 hours ago, shof515 said:

When i see the title, i thought CFO was the chief fun officer as in shaq that carnival promotes

🤣 Funny! 🤣

[Saint Greg]

I'd like to hear that job interview.

 

"So you want to be our CFO?"

"Yes."

"Why are you leaving your current employer?"

"We're going bankrupt."

 

[john91498]

Can't blame him. He's jumping a sinking ship...pun intended...

[ontheweb]

8 minutes ago, john91498 said:

Can't blame him. He's jumping a sinking ship...pun intended...

Or walking the plank.

[pc_load_letter]

4 hours ago, MsTabbyKats said:

Might be time to cancel cruises with fully refundable deposits now.......seriously. 

 

Oy vey

[klfrodo]

To say it means nothing that this person is leaving is being less than genuine.

Does it mean he knows something we don't and he's jumping ship? No

Does it mean that we need to keep our eyes and ears open and see who's selling stock options, (like the Arison family selling 85 million shares) and who quietly leaving? Yes

 

https://www.carnivalcorp.com/news-releases/news-release-details/arison-family-sell-85-million-shares-carnival-corporation

Edited August 14, 2020 by klfrodo

[Joebucks]

It may or may not be as bad as it looks.

 

When you are a CFO of a large company, you have a high worth in the marketplace. Companies love hiring tenured CFOs. When many other companies are reporting record stock prices, profits, etc I can't blame someone for wanting to go to greener pastures.

 

Which may or may not lead into the CFO knowing that cruises are screwed.

[EscapeFromConnecticut]

 A senior Carnival exec resigning? 
 Well, at least it's a start. Time for the next to wander up from the on-deck circle: "Now batting, Number Double Zero ... Christine, Christine ... Duffy, Duffy"

[PhillyFan33579]

5 hours ago, drsel said:

while the business prospects may not be good at present, I am not implying that Carnival will go belly up or go bankrupt.
I am sure they will survive this pandemic

They are not there yet, but if they can’t resume cruising from US ports in the not too distant future, bankruptcy may be the only way CCL survives. If this happens stocks would be worthless, people would lose money paid for future cruises, benefits associated with the VIFP program would likely be eliminated, etc. However, if this allowed Carnival (and other cruise lines as well who declare bankruptcy) to survive, it would be a good thing overall in my opinion.

[glrounds]

6 hours ago, MsTabbyKats said:

Might be time to cancel cruises with fully refundable deposits now.......seriously. 

 

That's what I'm going to do . . . before ALL the shoes drop.

[glrounds]

6 hours ago, Saint Greg said:

I thought this happened a month or two ago. That or I’m having a serious case of deja vu.

 

The date on the story is August 14th . . . but why would that matter anyway ?

[BlerkOne]

52 minutes ago, klfrodo said:

To say it means nothing that this person is leaving is being less than genuine.

Does it mean he knows something we don't and he's jumping ship? No

Does it mean that we need to keep our eyes and ears open and see who's selling stock options, (like the Arison family selling 85 million shares) and who quietly leaving? Yes

 

https://www.carnivalcorp.com/news-releases/news-release-details/arison-family-sell-85-million-shares-carnival-corporation

Did you read your article? It's 8.5 million. Micky will probably still have 80 million shares left. He takes almost nothing as a salary - a paltry 1.1 million - the lowest paid executive Carnival has.

[Saint Greg]

3 minutes ago, glrounds said:

 

The date on the story is August 14th . . . but why would that matter anyway ?

 

 

[Moviela]

This man leaving does not mean there is anything out of place at HQ, except him. Jim was the guest experience manager at DCL for most of his working life and rose to EVP. Then there were "financial issues" at the Aulani and he was walked off property.  At Sea World when the world opinion wanted to free the Orca's they were breeding them and building new tanks with investors money. Allowed to resign he found a niche at the Carnival Line. A rising tide lifts all boats, and over the last five years it was easy to be CFO. Now with all bilge pumps running 24/7 to keep the financial ship afloat, you need a chief in there that takes names and kicks fanny.

 

My deposits remain, and I fully expect to sail soon, safely on uncrowded ships.

[evandbob]

21 hours ago, sanger727 said:

 

I'm sure he does.

 

Can't really blame him for not wanting to go down with the ship. Even if Carnival survives I"m sure the organizational structure and executive salaries will change dramatically in the short term. 

 

Execs who retire get golden parachutes, and the ones who stay on get bonuses to work through any reorganization, that's their "dramatic change".  I don't feel sorry for them.

 

It's the lower level white collar, or crew, who see a dramatic negative change in salaries, as many will simply be let go with no notice or pay.

[coevan]

15 hours ago, Moviela said:

My deposits remain, and I fully expect to sail soon, safely on uncrowded ships.

 

 

Soon is a relative term, I would not hold my breath for 2020

[cksv]

17 hours ago, BlerkOne said:

Did you read your article? It's 8.5 million. Micky will probably still have 80 million shares left. He takes almost nothing as a salary - a paltry 1.1 million - the lowest paid executive Carnival has.

By the way, that news release is from 2009. The Arison’s aren’t selling any shares. 😂 

Edited August 15, 2020 by cksv

[cruisequeen4ever]

Not good indeed. 😏 

[BlerkOne]

A lower tier COO departing does not concern me as much as the CDC Chief of Staff and Deputy Chief of Staff departing a sinking ship.

[TNcruising02]

21 hours ago, fyree39 said:

I still have my 100 shares. I'm going to ride this out. I also have 2 cruises booked and paid-for that we'll keep in good faith. If the Carnival Cruise Line sinks and we lose the cruises, that's fine. As for Carnival Corporation, I'm feeling good that they'll reorganize and come back pretty strong. Heck, Exxon stock split after the Exxon Valdez spill. Who'd have thought?

I feel the same way.  I have 100 shares of Carnival and don't plan on selling them.  I have two cruises booked, one of them paid in full.  I will ride it out.  I may even buy more Carnival stock if it dips low enough.  I've already made some good money trading the travel stocks in the past few months, so it's an amazing opportunity.  Anyway, I will ride it out.  I do not think Carnival will go under.  If I am wrong, oh well.  I'm fine with the risk.

[Jim and Monika]

I look at it this way. His experience with all these other companies is proof that he doesn't stay with any for a long period of time. He's just moving on like he has done many times in the past.