On one hand, Micky Arison is enjoying his second consecutive NBA title as owner of the Heat. On the other, he's just been canned as CEO of Carnival.
Passengers remain hesitant to book cruises, despite deep discounts. But that didn't stop Carnival Corp. from eking out a $41 million second-quarter profit thanks to lower fuel costs and the timing of some administrative expenses.
The Miami-based company also announced Tuesday that Micky Arison, who has been CEO since 1979 and is the son of Carnival co-founder Ted Arison, is being replaced by Arnold W. Donald, who has served on the company's board for the past 12 years. Arison will continue to serve as chairman of the board.
The profit was nearly triple the $14 million the world's largest cruise company earned during same period last year, a quarter which it suffered from steep losses on fuel prices bets known as derivatives.
The company actually has seen successful profits recently, but Arison was in charge when a number of ships dealt with mechanical issues, with one being stranded for five days as air conditioning and plumbing failed. Arison took some heat (get it?) for attending a Miami basketball game during the crisis.