8-KLeadership Changes

CARNIVAL CORP 8-K Report, Executive Changes (Jan 7, 2014)

Filed January 7, 2014For Securities:CCL

Summary

This Form 8-K filing from Carnival Corporation and Carnival plc announces the retirement of Pier Luigi Foschi from their Boards of Directors, effective January 6, 2014. Mr. Foschi's employment with the companies concluded on November 30, 2013. This departure marks a significant change in leadership, particularly given Mr. Foschi's prominent roles as Chairman of Costa Crociere, S.p.A. and Chairman and CEO of Carnival Asia. The filing also details a Mutual Separation and Settlement Agreement entered into with Mr. Foschi. Under this agreement, Carnival will pay Mr. Foschi a total of €1,250,000. This payment includes €1,000,000 in consideration for his waiver of claims against the company and its affiliates, and €250,000 for agreeing to non-competition and non-solicitation covenants. The agreement also includes confidentiality provisions.

Key Highlights

  • 1Pier Luigi Foschi retires from the Boards of Directors of Carnival Corporation and Carnival plc, effective January 6, 2014.
  • 2Mr. Foschi's employment with Carnival concluded on November 30, 2013.
  • 3Mr. Foschi held key leadership positions, including Chairman of Costa Crociere, S.p.A. and Chairman and CEO of Carnival Asia.
  • 4Carnival entered into a Mutual Separation and Settlement Agreement with Mr. Foschi.
  • 5The agreement includes non-competition, non-solicitation, and confidentiality covenants.
  • 6Carnival will pay Mr. Foschi €1,000,000 for a general waiver of claims.
  • 7Carnival will pay Mr. Foschi an additional €250,000 for non-competition and non-solicitation obligations.

Frequently Asked Questions

Pier Luigi Foschi was a member of the Boards of Directors for both Carnival Corporation and Carnival plc. He also held significant executive positions, serving as the Chairman of Costa Crociere, S.p.A., and as the Chairman and Chief Executive Officer of Carnival Asia, a division of Carnival plc.

Carnival Corporation will pay Mr. Foschi a total of €1,250,000. This amount is split into €1,000,000 for waiving claims against the company and €250,000 for agreeing to non-competition and non-solicitation commitments. This represents a one-time expense related to the settlement.

The agreement includes Mr. Foschi's waiver of all claims against Carnival and its affiliates. It also stipulates non-competition and non-solicitation covenants from Mr. Foschi, as well as confidentiality obligations. In return, Carnival provides the agreed-upon financial settlement.

Mr. Foschi's retirement from the Boards of Directors was effective January 6, 2014. His employment with the companies had already concluded earlier, on November 30, 2013.