In a statement filed with securities regulators New York-quoted Carnival said Pier Luigi Foschi handed in his notice yesterday.

The group, which is headquartered in Miami, noted it struck a mutual separation agreement with the industry veteran on the same day.

According to Monday’s securities filing Foschi walked away with EUR 1m ($1.4m) after signing a general waiver that prevents him from pursuing claims against Carnival, its affiliates, officers and directors.

In addition the cruise giant pointed out that the agreement included confidentiality, non-competition and non-solicitation covenants for which he would receive another EUR 250,000 but failed to elaborate further.

Industry observers tell TradeWinds they were not surprised to see the 67-year-old retire as chairman and chief executive of affiliate Carnival Asia but admit they weren’t expecting him to cut ties to the group altogether.

A handful of market contacts were also caught off guard when they learned that Foschi’s tenure as a Carnival employee actually ended on 30 November of 2013, which has emerged as the formal conclusion of a tour that lasted approximately 16 years.

According to regulatory filings Foschi sat on the group’s board of directors for a decade before giving up his seat at a table that continues to be led by long-time chairman Mickey Arison in the wake of a shakeup that saw the industry  legend relinquish his role as chief executive.

Carnival announced a number of high-level appointments in the months that followed the inauguration of a new chief who took the reins at a time when the cruise industry was racing to repair its reputation on the heels of high-profile casualties that triggered concerns about safety.

While Arison and other insiders have applauded Foschi’s role in the evolution of Costa Crociere and its parent publicly on many occasions it’s been difficult for the executive to escape the dark cloud cast by the Costa Concordia, a deadly disaster that took place while he was in power.

Foschi took the helm in 1997 and continued to serve as the Italian cruise operator’s chief executive until 2012 when he announced plans to retire from this role approximately six months after the casualty first took place.

At the time Carnival played down the significance of the development by billing it as nothing more than one of the steps in a “long-term succession plan which included the scheduled retirement of Foschi once he reached the age of 65.”

"Pier has made it known for some time that he intended to retire once he turned 65 and today's announcement is part of our longtime succession plan that allows us to tap into our talented management team to find qualified individuals to oversee our brands," Arison said at the time.

While Carnival made it clear that Foschi did not intend to step down as chairman of Costa Crociere many were caught off guard when the retiree was reactivated as chairman and chief executive of Carnival Asia just a few months later.