8-KLeadership ChangesExhibits & Filings

CARNIVAL CORP 8-K Report, Executive Changes (Nov 8, 2013)

Filed November 8, 2013For Securities:CCL

Summary

Carnival Corporation and Carnival plc announced on November 8, 2013, that their Chief Operating Officer, Howard S. Frank, will be stepping down from his executive role effective November 30, 2013. Mr. Frank will transition to a special advisor role to the CEO and Chairman, and will continue to serve on the Boards of Directors for both companies. The specifics of his separation terms are pending finalization by the Compensation Committee and will be disclosed later. This change in executive leadership marks a significant transition for Carnival. While Mr. Frank is moving to an advisory capacity and remaining on the board, his departure from the COO role signifies a shift in operational management. Investors will want to monitor the company's communication regarding the new operational leadership structure and the financial implications of Mr. Frank's separation agreement, which is expected to be detailed in a future SEC filing.

Key Highlights

  • 1Howard S. Frank, Chief Operating Officer, is stepping down from his executive position effective November 30, 2013.
  • 2Mr. Frank will assume a role as special advisor to the President and CEO and the Chairman.
  • 3Mr. Frank will continue to serve on the Boards of Directors of Carnival Corporation and Carnival plc.
  • 4The terms of Mr. Frank's separation are being reviewed by the Compensation Committee.
  • 5Details regarding Mr. Frank's separation terms will be disclosed in a future Form 8-K filing once finalized.
  • 6The company issued a press release on November 4, 2013, announcing this executive change.

Frequently Asked Questions

Howard S. Frank is stepping down from his executive role as Chief Operating Officer. While the exact reasons are not detailed in this filing, he will transition into a special advisor role and remain on the Boards of Directors.

Effective December 1, 2013, Mr. Frank will serve as a special advisor to the President and Chief Executive Officer and the Chairman of Carnival Corporation and Carnival plc.

The terms of Mr. Frank's separation are currently under review by the Compensation Committee. Any financial implications or details regarding his separation package are expected to be disclosed in a subsequent Form 8-K filing once finalized.

No, Mr. Frank is not departing the company entirely. He is stepping down from his executive operational role but will continue to serve on the Boards of Directors and will take on an advisory position.