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Carnival compensation $11m for Donald, $8m for Weinstein in 2022

PHOTO: STEVE DUNLOP CRUISE_Josh_Weinstein_Photo_Steve_Dunlop.jpg
Josh Weinstein was promoted to CEO in August 2022
The outgoing CEO of Carnival Corp. & plc, Arnold Donald, received compensation valued at $11.14m in 2022 while incoming CEO Josh Weinstein received $8.01m.

For the first time, Weinstein became one of the company's named officers, as did Bill Burke, chief maritime officer.

Weinstein succeeded Donald in August last year and Donald went on to serve as vice chairman until November when he left the boards. He now receives an annual $1m consulting fee set to continue through February 2025.

Weinstein's salary was increased to $1.25m upon his promotion (prorated to 983,333), compared to Donald's $1.5m, and his stock awards were valued at $4.69m while non-equity incentive plan compensation was $2.04m. Weinstein also received $291,176 in 'other compensation,' including health insurance, a car allowance and further perks.

David Bernstein

The next most highly compensated officer was CFO and Chief Accounting Officer David Bernstein, whose compensation was worth $2.58m, down from $4.95m in 2021. Bernstein's salary was increased from $750,000 to $850,000 in connection with expanded responsibilities.

Michael Thamm

Michael Thamm, group CEO of Costa Group & Carnival Asia, received compensation valued at $2.32m, down from $6.85m in 2021.

Bill Burke

Bill Burke's compensation was worth $1.28m. His salary rose to $700,000 (prorated to $641,333) in connection with his appointment as an executive officer and expanded responsibilities.

Rick Miguez

Rick Miguez, general counsel, received compensation valued at $1.1m, slightly under the $1.36m in 2021, the first year he became a named officer.

2022 recap

During 2022 Carnival completed its 18-month return to full passenger operations. This included getting 90 ships back in service and carrying nearly 9m passengers. 

The company lost $6.09m on revenues of $12.17m.

Annual shareholders' meetings set for April 21

The Carnival Corp. and Carnival plc annual meetings are scheduled for 8:30 a.m. April 21 in Miami. Shareholders will consider the election or re-election of 11 directors: Micky Arison (chairman), Sir Jonathon Band, Jason Glen Cahilly, Helen Deeble, Jeffrey J. Gearhart, Katie Lahey, Sara Mathew, Stuart Subotnik, Laura Weil, Josh Weinstein and Randall Weisenburger.

They'll also consider a (non-binding) advisory vote to approve executive compensation.