Carnival Costa Group Chief to Retire


The chief executive officer of the Carnival Corp & PLC unit whose ship ran aground off the coast of Italy in January in a deadly accident is retiring and will be replaced by the head of another of the cruise operator's European lines.

Pier Luigi Foschi, 65, will step down as Costa Crociere CEO on July 1, but will remain as Costa's chairman and keep his seat on Carnival's board. Carnival said the move was part of its longtime succession plan for when Foschi hit retirement age.

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Foschi will be replaced by Michael Thamm, who is currently president of Aida Cruises, which is based in Germany and also part of Carnival Corp.

On Jan. 13, the Costa Concordia, a liner operated by Costa, hit a reef just off an Italian island and capsized, killing or hurting dozens. Last month, Carnival slashed its full-year profit and sales forecast after new bookings fell following the accident.

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