Micky Arison, the billionaire who masterminded the takeover of P&O's cruise ship business, has walked the plank at Carnival.
Mr Arison, owner of the NBA championship winners Miami Heat, will be replaced as chief executive, with the board member Arnold Donald taking the rudder of the cruise giant instead.
Mr Arison, who will stay on as chairman, has been in the top job since 1979, and spearheaded a number of major acquisitions, including the $8.2bn (£5.3bn) takeover of P&O Princess Cruises in 2003.
Carnival also admitted yesterday that bookings for the rest of the year were lower than the year before, while revenues for its second quarter had dropped 2 per cent, to $3.48bn. The company has suffered a series of mishaps, including the Costa Concordia disaster last year.