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Micky Arison Out as CEO of Carnival Cruise Lines

Well, maybe he'll have more time to watch Heat games.

Less than a week after his NBA team won its third championship, Micky Arison finds himself out of a major job. Carnival Corporation announced today that Arison will be replaced as CEO by Arnold W. Donald. Arison has been the CEO of Carnival, the Doral-based company his father founded, since 1979. However, he will remain chairman of the board.

Though profits at the company are up this quarter, thanks largely to lower fuel costs, the company has weathered a number of PR crises in the past few years. Several ships have suffered from power outages and onboard fires. In one instance this February, known as "Poop Cruise 2013," a ship was left adrift in the Gulf of Mexico for five days with backed-up toilets. In January 2012, the Costa Concordia (owned by a Carnival subsidiary) capsized off the coast of Italy, killing 32 passengers. This has resulted in people remaining hesitant to book trips through the company.

Donald is the founder and former chairman of the board of the company that brought us Equal sweetener, and he had several high-level positions at Monsato. He has served as a director for Carnival since 2001. He's also the president and CEO of the Executive Leadership Council, a network of high-profile African-American business leaders.

Arison seems to be on board with the change.

"I have been discussing this with the board for some time now and feel the timing is right to align our company with corporate governance best practices," he said in a statement.

Arison also remains Carnival's largest shareholder.

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