Joe Ueberroth plans to step down a year from now as chief executive of Newport Beach-based Ambassadors International Inc. in a move that could end the long reign of the Ueberroths at the cruise and travel services company.
Ueberroth plans to work with directors to find a successor.
His departure comes after a slump at Ambassadors International, which operates riverboat, Alaska, Hawaii, Mediterranean and Caribbean cruises.
The company also provides construction, consulting and operational services to marina owners and puts together incentive trips for companies to reward salespeople.
Shares of Ambassadors International are down 93% in the past year with a recent market value of about $25 million.
The company has seen a downturn in cruises as well as a political fight over its Delta Queen steamboat cruise ship.
In 2007, Congress declined to extend legislation that allowed the historic Delta Queen to operate on U.S. rivers through 2008. An additional ship couldn’t operate as well because of the legislation.
In May, Ambassadors International put its Majestic America Line, which includes the Delta Queen Steamboat Co., up for sale.
Ueberroth is the son of Peter Ueberroth, outgoing chairman of the U.S. Olympic Committee. Peter Ueberroth is the former chairman of Ambassadors International.
Joe Ueberroth took over Ambassadors International in 2003 from uncle John Ueberroth.
