TravelTek

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.

Story Image



Your Comments

, be the first to post a comment.
Your email:






Email other comments made to this story
Code Request a new picture 5 characters



NOTE: Comments are subject to admin approval before being posted.
Mole Poll
TUI's new 'cheesy' ad is named 'Turkey of the Week' - Do you like it ?
yes 51.59 %
no 48.41 %

Thank you for your vote




Move scroll bar (above) left to right for more videos!

UPCOMING EVENTS
Sponsored features

roomsXML - saving travel agents from heartburns and wasted man-hours


Founded in 2007, roomsXML is an online B2B accommodation wholesaler serving travel agents and tour operators with offices in Australia, India, UAE, UK and USA. roomsXML is winner of numerous industry awards and accolades, including 'MSE 2' high credit worthiness certificate from CRISIL - an S&P Global company.

\m