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Carnival cuts ties with former Costa CEO

Carnival cuts ties with former CEO of Costa Cruises, paying him $1.7 million

Associated Press

MIAMI (AP) -- Carnival Corp. is cutting ties with the former CEO of Costa Cruises, sending him off with 1.25 million euros ($1.7 million).

Costa owns the Concordia cruise ship that capsized off Tuscany in early 2012 with more than 4,000 people on board. Thirty-two people died. Pier Luigi Foschi (pee-EHR loo-EE-jee FOHS-kee) was CEO of Costa at the time, he retired as CEO six months after the disaster.

Parent company Carnival, which is based in Miami, later named Foschi head of its business in Asia.

Carnival said in a regulatory filing Tuesday that Foschi stopped working for the company in November and retired from its board Monday. The payment as part of a separation agreement.

The company did not immediately respond to a request for comment.