MIAMI (AP) — Carnival Corp. said Tuesday that CEO Arnold Donald will step down on Aug. 1 and be replaced by the cruise line company’s chief operations officer.

Donald has led Miami-based Carnival since 2013, when he succeeded founder Mickey Arison, and is among a relatively small number of Black CEOs at major U.S. corporations. The company said Donald, 67, will become vice chairman of the board.

Carnival is the parent company of Seattle-based Holland America.

Under Donald’s watch, the company hit record profits before the pandemic. Last fall, he described running the company after revenue fell to essentially zero.

The new CEO will be Josh Weinstein, 48, a 20-year company executive. He will take the helm as the cruise industry tries to recover from the pandemic, which caused ships to be mothballed and cut off revenue for the companies. Carnival expects each of its nine top cruise brands to return their full fleets to sailing by the end of the year.

Weinstein oversees much of Carnival’s business, including its global maritime, audit and information-technology operations. Before that, he spent 10 years as the company’s treasurer.

Shares of Carnival fell nearly 6% in midday trading.