Colin Veitch resigned as an executive director of Star Cruises Ltd. and will receive $10 million as part of a five-year, non-compete agreement.
According to a Star Cruises filing to the Hong Kong Stock Exchange, Veitch resigned to focus more on his role as president and CEO of NCL Corp. Star Cruises owns 50% of NCL.
Veitch had “no disagreement” with Star’s board that needed to be brought to the attention of shareholders, according to the filing.
Veitch will be paid $10 million for agreeing not to engage in any business or employment that will compete with Star. The filing noted Veitch’s “significant expertise and experience in the cruise industry” and “specific insight and knowledge of various Asian markets” as reason for the agreement.