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Cruise News for the Corporate Travel Professional

January 2014 Edition

Pier Luigi Foschi Leaves Carnival

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Pier Luigi Foschi, chairman and CEO of Carnival Asia, has left the company. In an 8-K filing today, Carnival announced that Foschi, who is also a member of the boards of directors of Carnival Corporation and Carnival plc, and chairman of Costa Crociere, notified the companies on Jan. 6, 2014 that he will be retiring from the boards of directors effective immediately.

Also, according to the filing, Foschi concluded his employment with the companies back on Nov. 30, 2013.

On Jan. 6, the companies, along with Costa Crociere, S.p.A. and Carnival Asia entered into a mutual separation and settlement agreement with Foschi.

The agreement provides for, among other things, non-competition, non-solicitation, and confidentiality covenants as well as a general waiver of claims against Carnival, its affiliates, officers and directors by Foschi.

Carnival Corporation will pay Foschi one million euro in consideration for his waiver of claims and 250,000 euro in consideration for the non-competition and non-solicitations obligations provided for in the agreement.

Carnival did not offer any further information as to Foschi’s sudden departure.

Mr. Pier Luigi Foschi serves as the Chairman and Managing Director of Costa Group at AIDA Cruises - German Branch of Costa Crociere S.p.A. and Iberocruceros SL. Mr. Foschi served as the Chairman and Chief Executive Officer of Costa Crociere S.p.A. ("Costa"), a subsidiary of Carnival Corporation since October 1997 and January 2000 respectively.

From 1974 to 1997, he held senior positions with OTIS, a world leader in the field of elevators, which is a subsidiary of United ... Technologies Corporation and from 1990 to 1997, he served as an Executive Vice President of Otis's Asia-Pacific operations.

He served as the Chairman and Chief Executive Officer of Cunard Line Limited, a subsidiary of Carnival plc. He has been a Director of Costa Crociere S.p.A. since October 1997. Mr. Foschi served as a Director of Carnival Corporation and Carnival Plc from April 17, 2003 to January 6, 2014. He served as Director of Cunard Line Limited.

He serves as the Vice-Chairman of Confitarma, the federation of Italian ship owners, and chairman of the European Cruise Council, an organization consisting of Europe's main cruise companies. He is specialized at INSEAD in Fontainebleau (France) after completing his economic-financial education.