Former Costa Concordia boss steps down with €1.3m payout

THE FORMER Costa Cruises chief executive, who was the public face of the company after the 2012 Costa Concordia disaster, has stepped down from the board of parent group Carnival with a €1.25m (£1m) payout.

Pier Luigi Foschi retired as Costa chief executive in July 2012 but continued as chairman of the Italian cruise line, while also being appointed chairman and chief executive of Carnival Asia two months later.

Under the mutual separation and settlement deal, Foschi will be paid €1m for his waiver of claims and €250,000 for non-competition and non-solicitations obligations, Carnival said.

Foschi stopped working for the company in November and retired from its board on Monday. Foschi, who spent 16 years with the company, joined Costa as chief executive in 1997.

Some 32 passengers and crew died after the Concordia ran aground, just off the Italian island of Giglio in January 2012. Chairman Micky Arison said Foschi had “helped transform our company”.