Published on Wednesday, January 8, 2014

Costa boss retires with million euro pay-off



Former Costa Cruises chief executive Pier Luigi Foschi has been given a 1.25m euro pay-off on his retirement from the board of Carnival.


The cruise boss, who was the public face of the company after the Costa Concordia tragedy in 2012, has stepped down from the board nearly two years later.


He retired as Costa chief executive in July 2012 but continued as chairman of the Italian line.          


A mutual separation and settlement agreement has been signed covering non-competition, non-solicitation, and confidentiality covenants as well as a general waiver of claims against Carnival, its affiliates, officers and directors by Mr. Foschi, said the company.


Mr Foschi will be paid €1,000,000 in consideration for his waiver of claims and €250,000 in consideration for the non-competition and non-solicitations obligations provided for in the Settlement Agreement.

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