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Carnival mourns long-time senior finance executive Lowell Zemnick

Carnival mourns long-time senior finance executive Lowell Zemnick

Lowell Zemnick, an early employee of Carnival Cruise Line who went on to play a key role in the company's initial public offering in 1987 and then served as treasurer and cfo of Carnival Corp., died Friday in Miami. He was 73.

Carnival Corp. & plc chairman Micky Arison called Zemnick a 'long-term, loyal executive who made a tremendous contribution to our growth.'

A certified public accountant, Zemnick joined Carnival Cruise Line in the 1970s when it was a privately owned company with three ships. He started as a controller for Carnival Tours, quickly moved up to vp finance and later served as vp and treasurer of Carnival Corp. He was the company's cfo from May 1987 to June 1989.

Carnival's IPO generated $400m, providing the initial influx of capital that put the company on a strong growth trajectory. Appointed vp and treasurer in 1990 of the entity that eventually became Carnival Corp., he was responsible for financing the company's expansion as well as managing day-to-day cash flow and a sizable short-term investment portfolio.

When Zemnick retired as treasurer in 2003 after 24 years, Carnival had acquired P&O Princess Cruises and was, by far, the world's largest cruise group with 13 brands and 70 ships.

'He was meticulous. He was hands-on and always very conscientious about the the right thing to do,' said Maurice Zarmati, veteran senior Carnival Cruise Line executive who led worldwide sales and later served as president and ceo of Costa Cruises North America.

In the 1970s, during a reconstruction phase of Carnival's first office at 820 Biscayne Blvd. in Miami, Zarmati as regional sales manager shared some common space with Zemnick.

'I witnessed the professionalism that he brought to the job each and every day,' Zarmati said.

Zemnick was the happiest when he was working at Carnival, according to his wife Diane.

He died early Friday morning in Kendall, Fla., after long illness. Besides Diane, Zemnick is survived by two sons, a daughter-in-law and three grandchildren.

A private family service is planned.

 

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