Miami-based Carnival Corp. & PLC announced Tuesday that longtime Chairman and CEO Micky Arison will step down as company CEO, but continue as chairman in a move to split the two roles.

Carnival said business leader and 12-year board member Arnold W. Donald will assume the CEO role effective July 3, Carnival said in a news release Tuesday.

Arison has held the role of CEO since 1979, and as chairman he’ll continue to provide board level oversight and will remain the company’s largest shareholder, Carnival said.

Donald in turn will lead the executive team, focusing initially on achieving the company’s long-term strategic goals.

Carnival said the move to split the roles has received unanimous approval from the company’s nominating and governance committee as well as the full board of directors.

Reported by Arlene Satchell of theĀ South Florida Sun-Sentinel