Longtime Costa Cruises Chairman Pier Luigi Foschi has ended his employment with Carnival Corp., and has retired from the board of directors.
In a regulatory filing, Carnival said that Foschi notified the company of his departure from the board and the company, where his employment ended Nov. 30, according to the filing.
Foschi has been chairman of Costa Crocierie since 2000, when the Italian company was fully acquired by Carnival. He has served on the Carnival board for a decade.
Foschi stepped down as CEO of Costa in 2012 but was named chairman of Carnival Asia that same year.
According to the filing, Foschi and Carnival have a mutual separation agreement that includes non-competition, non-solicitation and confidentiality covenants. It said Foschi will receive 1 million euros in exchange for a general waiver of claims against Carnival, and 250,000 euros for the non-competition and solicitation provisions. Follow @tstravelweekly on Twitter.