Summary
Carnival Corporation (CCL) filed an 8-K on September 21, 2007, to disclose details regarding the retirement of Robert H. Dickinson, President and CEO of Carnival Cruise Lines. The report outlines the terms of his retirement agreement, which specifies his last day of employment as November 30, 2007. Investors should note that Mr. Dickinson will cease to receive all benefits, including medical benefits, on this date. Key financial aspects of the retirement include a one-time payment of $250,000, intended for post-retirement expenses. This payment is explicitly excluded from calculations for benefits under the company's Supplemental Executive Retirement Plan and the Carnival Corporation Retirement Plan for Highly Compensated Employees. The agreement also includes a release of claims by Mr. Dickinson.
Key Highlights
- 1Robert H. Dickinson, President and CEO of Carnival Cruise Lines, to retire effective November 30, 2007.
- 2Retirement agreement signed on September 18, 2007, with Carnival Corporation.
- 3Mr. Dickinson will cease to receive all company benefits, including medical, after November 30, 2007.
- 4A one-time lump sum payment of $250,000 will be made to Mr. Dickinson on his separation date.
- 5The $250,000 payment is designated for post-retirement expenses and is excluded from executive retirement plan calculations.
- 6The agreement includes a release of claims by Mr. Dickinson.
- 7The filing was made on September 21, 2007.