In a statement filed with securitiesregulators New York-quoted Carnival said Pier Luigi Foschi handed in his noticeyesterday.
The group, whichis headquartered in Miami, noted it struck a mutual separation agreement withthe industry veteran on the same day.
According toMonday’s securities filing Foschi walked away with EUR 1m ($1.4m) after signinga general waiver that prevents him from pursuing claims against Carnival, its affiliates,officers and directors.
In addition thecruise giant pointed out that the agreement included confidentiality,non-competition and non-solicitation covenants for which he would receiveanother EUR 250,000 but failed to elaborate further.
Industry observers tell TradeWinds theywere not surprised to see the 67-year-old retire as chairman and chiefexecutive of affiliate Carnival Asia but admit they weren’t expecting him to cutties to the group altogether.
A handful of market contacts were alsocaught off guard when they learned that Foschi’s tenure as a Carnival employeeactually ended on 30 November of 2013, which has emerged as the formal conclusionof a tour that lasted approximately 16 years.
According to regulatory filings Foschi saton the group’s board of directors for a decade before giving up his seat at atable that continues to be led by long-time chairman Mickey Arison in the wakeof a shakeup that saw the industry legend relinquish his role as chiefexecutive.
Carnival announced a number ofhigh-level appointments in the months that followed the inauguration of a new chief who took the reins at atime when the cruise industry was racing to repair its reputation on the heels ofhigh-profile casualties that triggered concerns about safety.
WhileArison and other insiders have applauded Foschi’s role in the evolution ofCosta Crociere and its parent publicly on many occasions it’s been difficultfor the executive to escape the dark cloud cast by the Costa Concordia, adeadly disaster that took place while he was in power.
Foschitook the helm in 1997 and continued to serve as the Italian cruise operator’s chiefexecutive until 2012 when he announced plans to retire from this role approximatelysix months after the casualty first took place.
Atthe time Carnival played down the significance of the development by billing itas nothing more than one of the steps in a “long-term successionplan which included the scheduled retirement of Foschi once he reached the ageof 65.”
"Pierhas made it known for some time that he intended to retire once he turned 65and today's announcement is part of our longtime succession plan that allows usto tap into our talented management team to find qualified individuals to overseeour brands," Arison said at the time.
WhileCarnival made it clear that Foschi did not intend to step down as chairman ofCosta Crociere many were caught off guard when the retiree was reactivated as chairmanand chief executive of Carnival Asia just a few months later.