Princess Cruises is currently owned by Carnival Corporation & plc, one of the world’s largest leisure travel companies. In addition to Princess Cruises, Carnival owns and operates multiple other cruise lines and travel companies.
John Padgett acted as the president of Princess Cruises since October 2021. In this role, he oversaw the cruise line’s strategic operations, including everything guests experience to the company’s overall direction. However, in November 2024 it was announced that Gus Antorcha would become the new Princess Cruises president starting from December 2, 2024.
In This Article:
Who Is the CEO/President of Princess Cruises?
From December 2, 2024, Gus Antorcha, previously president of sister line Holland America, will take over the role as the president of Princess Cruises. He is taking over from John Padgett, who is leaving the company in February 2025.
Gus Antorcha
American businessman John Padgett was the president when he assumed the role in early October of 2021 after taking over from the previous president, Jan Swartz.
In this role, he reports directly to Josh Weinstein, the chief executive officer (CEO) of Carnival Corporation & plc, the parent company of Princess Cruises. The role also involves regular contact with the other executive leadership team members and the company’s board of directors.
Prior to assuming the role, John Padgett gained recognition for his leadership experience and expertise in creating transformative experiences for cruise ship passengers by introducing new technologies.
This is unsurprising when you discover that John Padgett is actually an accomplished inventor and creator in his personal life, with over 30 patents and 100 trademarks for technologies and processes, most of which are related to the cruise industry.
John Padgett was promoted to the position of president from within. He previously led Carnival Corporation’s innovation team and had over 18 years of leadership experience from working with Walt Disney Parks and Resorts.
In his role with Carnival’s innovation team, he created and implemented a number of award-winning technologies and even produced a successful TV series highlighting vacation experiences guests could enjoy by traveling with the company.
John Padgett
Prior to being promoted to the role of president of one of Carnival Corporation’s largest and most recognizable cruise lines, Padgett held the position of Chief Experience and Innovation Officer, where he worked towards enhancing guest experiences by driving the creation of the “Ocean Medallion” wearable tech device.
This technology was introduced on Princess Cruises vessels to enhance cruise experiences for all guests by enabling a smooth transition from onboard entertainment to on-shore activities, excursions, and hotel services.
Today, guests aboard any ship in the Princess Cruises fleet will almost immediately notice John Padgett’s impact, and it seems the cruise line will continue to move in a positive direction under his leadership.
The History of Princess Cruises
Before we dive into the present day ownership of Princess Cruises, let’s take a look back and explore the history of the cruise line.
The Founder
Princess Cruises was founded in 1965 by Canadian-born businessman and former United States Navy Air Corps member Stanley McDonald. In the beginning, Stanley McDonald leased a single ship, the Princess Patricia, from Canadian Pacific Limited.
While the ship was originally used to provide passenger services from destinations along Canada’s West Coast to coastal towns in Alaska, McDonald had the idea to repurpose it to provide cruise-style voyages from Los Angeles, USA, to destinations along the Mexican Riviera.
The decision to become involved in the cruise industry originated from McDonald’s experiences during the 1962 World’s Fair in Seattle, where there was a lack of viable hotels for visitors.
Stanley McDonald envisioned docking a ship in the harbor that could provide comfortable transportation for those living along North America’s Western Coast and double as a luxury hotel while it was in the harbor.
This involved retrofitting the Princess Patricia for more luxurious travel and voyages in more tropical climates. From installing air-conditioning systems to renovating the cabins and introducing suits, this was a major project.
Growing Popularity and New Routes
However, starting with its first voyage from Los Angeles to Mexico, the newly formed Princess Cruises Cruise Line quickly gained popularity, becoming well-known along the western coastline of the United States for providing luxurious cruises to fun and exotic locations.
By the early 1970s, Princess Cruises had expanded its fleet and the types of routes its ships would run, including providing regular trips to and from Alaska.
Selling the Company to P&O
P&O Britannia Cruise Ship (Photo Credit: Nandani Bridglal / Shutterstock)
Then, in 1974, the company was sold to a British shipping conglomerate, the Peninsular & Oriental Steam Navigation Company, or P&O, as it is more commonly known.
This represented a major ownership change for the brand, but it continued to operate and grow in popularity by building on Stanley McDonald’s original vision. Under the guidance and ownership of the passenger division of P&O, called P&O Cruises, Princess Cruises continued to grow, adding more ships to its fleet and expanding its global reach.
Becoming a Household Name
Photo Courtesy: Princess Cruises
In the 1980s, Princess Cruises became a household name throughout North America after one of its ships became the central focus of the internationally broadcast show The Love Boat.
Not only did the show feature the Princess Cruises brand and several of its ships, but it also brought cruising into the public eye, helping to make the cruise line synonymous with glamorous cruises, even to those who had never stepped foot on a cruise ship.
Growing the Fleet
Sapphire Princess Cruise Ship (Photo Credit: Wojciech Wrzesien)
Throughout the 1980s and 1990s, Princess moved from operating repurposed vessels to incorporating purpose-built, modernized cruise ships into its fleet. The ‘90s saw the cruise line introduce its Sun-class vessels and later its Grand-class ships, which were both amongst the largest and most expensive cruise ships ever built when they were introduced.
In March 1998, the Grand Princess set sail as the largest passenger ship ever built. It was then joined by Golden Princess and Star Princess, which equaled their sister ship in size.
Despite Princess Cruises’ success, the ownership company’s shipping division was beginning to struggle financially at the turn of the century, which helped push their decision to form an independent company called P&O Princess Cruises.
This move was followed up by the introduction of two new classes in the Princess fleet, the Coral-class and the R-class, which were both optimized to travel through the Panama Canal, opening up new and exciting routes.
Carnival Corporation Acquires Princess Cruises
Photo Credit: JHVEPhoto / Shutterstock
While Princess Cruises continued to have a significant presence in the cruise industry, its profitability reflected that the cruise line became part of the Carnival Corporation on April 17, 2003.
This move resulted from a major merger between P&O Princess Cruises plc and Carnival Corporation. This acquisition positioned Princess as one of Carnival Corporation’s premium cruise line brands, helping them expand their offerings to cruise passengers seeking luxury and a more personalized onboard experience.
As a result of this merger, the two former cruise rivals now had a combined net worth of $5.4 billion, making them the largest and most valuable cruise company on the planet.
From the perspective of Carnival Cruise Line, the acquisition of the internationally-known Princess Cruises brand helped them solidify their status as the world’s top cruise company.
Following this merger, Princess Cruises has continued to grow, significantly benefiting from the Carnival Corporation’s financial backing and global reach. That said, they remain a distinct identity within the portfolio, continuing to be known for luxury, exceptional customer service, and offering lengthy voyages and unique itineraries.
Today, they are one of the best-known names in the industry, and they offer cruises worldwide, including destinations that other cruise lines tend to neglect, like Alaska, Hawaii, Australia and New Zealand, South America, Europe, and Asia.
In fact, their upcoming Australian summer itineraries include numerous voyages throughout the Pacific, with some slated to become the lengthiest voyages of any ships in the entire Carnival Corporation fleet.
Princess Cruises’ Net Worth
Princess Cruises Ship (Photo Credit: Ceri Breeze)
Today, Princess Cruises remains a significant brand within the portfolio of Carnival Corporation & plc. Given that the Carnival Corporation has an estimated net worth of nearly $28 billion, it is no surprise that Princess Cruises is an extremely valuable company.
In fact, in revenue alone, Princess Cruises reports an annual income of nearly $4 billion. The cruise line also has a fleet of 16 full-sized cruise ships, with another on the way in 2025, and a permanent staff of nearly 30,000 full-time employees.
While it is currently listed as a subsidiary of the Carnival Corporation, so knowing the brand’s exact net worth is somewhat difficult, financial experts estimate that it could be worth as much as $10 billion to the Carnival Corporation.
Despite the financial setbacks and challenges that Princess Cruises faced during and after the COVID-19 Pandemic, it recovered incredibly well, remaining one of the most valuable cruise lines in the entire industry.
Owning a Share of Princess Cruises
Princess Cruises Ship (Photo Credit: Ceri Breeze)
While you cannot own a share of Princess Cruises, as the Carnival Corporation owns the cruise line, you can invest in that parent company. If you decide to invest in Carnival Corporation & plc shares, you can purchase them on the New York Stock Exchange (NYSE) under the ticker NYSE: CCL. Shares can also be purchased on the London Stock Exchange under the ticker LSE: CCL.
Carnival Corporation is a major company, but its stock price has not fully recovered to the heights of 2017, which was when it enjoyed its most valuable period. However, the stock price has continued to rise following the cruise line’s recovery after the COVID-19 Pandemic, so it could be a good purchase.
That said, we do not want to offer anyone any financial advice that does not pertain directly to booking and enjoying a cruise, so we would not want to influence your decision to purchase or sell Carnival Corporation stock.
Shareholders can sometimes benefit from perks like onboard credits when they sail with Princess Cruises or other Carnival brands, depending on the number of shares they hold.
For example, shareholders could receive an onboard credit of $250 if they book a stateroom on a voyage of 14 days or longer while traveling with one of Carnival’s North American brands, including Princess Cruises.
For a more detailed breakdown of shareholder benefits, Carnival Corporation & plc provides a page on “Carnival Stock Perks” and instructions on how to claim them through the Carnival App.
Princess Cruises’ Fleet of Ships
Docked Sun Princess Cruise Ship (Photo Credit: Pedro H C Carvalho)
As mentioned, Princess Cruises currently operates a fleet of 16 modern cruise ships, with another (Star Princess) set to be put into service in early 2025. These ships sail to over 300 unique destinations around the world.
From the largest vessels, like the Sun Princess and Star Princess, which offer an extensive range of onboard amenities, to smaller cruise ships, like Coral Princess and Island Princess, which focus on visiting more niche destinations and smaller ports of call, the fleet is incredibly diverse, but every ship adheres to the brands focus on maintaining world-class passenger services.
This focus on offering the best services to their guests is reflected in their world-renowned “Princess Medallion Class” experience, which, as mentioned earlier, is a type of wearable technology that allows passengers aboard any Princess Cruises vessel to enjoy a highly personalized service.
From ordering food and drinks at the side of a pool to enjoying simplified keyless entry to cabins and suites, this system ensures guests enjoy a luxurious experience no matter where their Princess Cruises vacation leads them.
Breakdown of Ships in the Princess Cruises Fleet
To help you gain an appreciation for just how impressive the Princess Cruises fleet is, here’s a basic breakdown of their existing vessels:
- Sun Princess: 175,500 GT, 4,310 guest capacity
- Discovery Princess: 145,000 GT, 3,660 guest capacity
- Sky Princess: 144,650 GT, 3,660 guest capacity
- Enchanted Princess: 144,650 GT, 3,660 guest capacity
- Majestic Princess: 142,229 GT, 3,560 guest capacity
- Regal Princess: 142,229 GT, 3,560 guest capacity
- Royal Princess: 142,229 GT, 3,560 guest capacity
- Ruby Princess: 113,561 GT, 3,080 guest capacity
- Emerald Princess: 113,561 GT, 3,090 guest capacity
- Crown Princess: 113,561 GT, 3,090 guest capacity
- Caribbean Princess: 112,894 GT, 3,140 guest capacity
- Sapphire Princess: 115,875 GT, 2,680 guest capacity
- Diamond Princess: 115,875 GT, 2,710 guest capacity
- Island Princess: 92,822 GT, 2,210 guest capacity
- Coral Princess: 91,627 GT, 2,000 guest capacity
- Grand Princess: 107,517 GT, 2,610 guest capacity
Final Thoughts on Princess Cruises
Now under the ownership umbrella of Carnival Corporation & plc, Princess Cruises is one of the largest and most recognizable cruise lines in the industry. With Gus Antorcha taking over as president, the brand continues to innovate and expand its ever-growing fleet of luxurious cruise ships.
Read Also: What Cruise Lines Does Carnival Own? List of Carnival Corporation Brands
From its humble beginnings as a small company consisting of a single retrofitted Alaskan passenger ferry, Princess Cruises has become one of the world leaders in offering luxurious and memorable cruise voyages.
Stanley McDonald’s original vision of creating a luxury cruise line that could provide guests with comfortable accommodations, entertaining amenities, and thrilling voyages to exciting destinations has been fully realized, but Princess Cruises is showing no signs of slowing down.
Source: Cruisehive.com
