Costa Group top management change up

Following this year’s Costa Concordia incident, Costa Group has announced a shuffle in its top management with chief executive officer Pier Luigi Foschi retiring to remain as chairman and a managing director of the Costa Group while Michael Thamm is appointed CEO of the Costa Group.

Announced by Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) and its subsidiary Costa Crociere, Mr Foschi, 65, will sit on the Board of Directors of Carnival Corporation & plc as planned with his scheduled retirement once he reached 65 last September.

Michael Thamm who currently serves as President of Germany-based AIDA Cruises, will relocate to Genoa, Italy to also serve with Mr Foschi on Costa’s Board of Directors and report to Carnival Corporation & plc’s Chairman and CEO, Micky Arison and Vice Chairman and Chief Operating Officer Howard Frank.

Mr Foschi has been with Costa for 15 years and was elected chairman of the board in 2000. He has played an integral role in the company’s tremendous growth and success, during this time launching an 11 billion euro fleet expansion program.

The company’s profits have grown consistently over the last 10 years and since 2000, revenues increased from 540 per cent from 572.4 million euros to 3.1 billion euros in 2011.

The total number of guests travelling with Costa Group from 2000 to 2011 saw a rise from 363,000 to 2.3 million.

Mr Foschi new role as Costa’s Chairman will spearhead a number of strategic projects, and continue to oversee the company’s government relations and matters related to the Costa Concordia accident.

“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 long time succession plan that allows us to tap into our talented management team to find qualified individuals to oversee our brands,” Mr Arison said.

Mr Foschi said he will maintain full commitment to the company during the next few months, including full support for the great Costa Management Team to overcome the recent difficulties in order to reconfirm Costa’s leadership in Europe.

All of the various appointments are subject to approval by Costa’s Board.

Source = e-Travel Blackboard: K.W.
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