Carnival’s Costa Crociere CEO Pier Luigi Foschi to Retire

Carnival Corp. (CCL)’s Costa Crociere unit, owner of the Concordia cruise ship that ran aground in January, killing at least 25 people, said chief executive officer Pier Luigi Foschi will retire effective July 1.

Michael Thamm, president of Germany-based AIDA Cruises, will succeed Foschi, Miami-based Carnival said today in a statement. Foschi, 65, will remain chairman and managing director of the unit and a director of the parent company.

The change is part of a long-term succession plan that included the scheduled retirement of Foschi at age 65, Carnival said in the statement. He will continue to oversee government relations for Costa, including matters related to the Costa Concordia accident.

Thamm will relocate to Genoa, Italy, and serve as CEO of the Costa group, which includes AIDA and Spanish ship operator Ibero Cruises.

Carnival, the world’s largest cruise ship operator, awarded the job of removing the Costa Concordia wreckage to Titan Salvage and Micoperi. The operation will begin next month and is expected to take a year, the company said.

Carnival fell 1.2 percent $31.31 at 12:59 p.m. in New York. The shares had declined 2.9 percent this year before today.

To contact the reporter on this story: Christopher Palmeri in Los Angeles at

To contact the editor responsible for this story: Anthony Palazzo at

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