Pier Luigi Foschi, chairman and CEO of Carnival Asia, has left the company. In an 8-K filing today, Carnival announced that Foschi, who is also a member of the boards of directors of Carnival Corporation and Carnival plc, and chairman of Costa Crociere, notified the companies on Jan. 6, 2014 that he will be retiring from the boards of directors effective immediately.

Also, according to the filing, Foschi concluded his employment with the companies back on Nov. 30, 2013.

On Jan. 6, the companies, along with Costa Crociere, S.p.A. and Carnival Asia entered into a mutual separation and settlement agreement with Foschi.

The agreement provides for, among other things, non-competition, non-solicitation, and confidentiality covenants as well as a general waiver of claims against Carnival, its affiliates, officers and directors by Foschi.

Carnival Corporation will pay Foschi one million euro in consideration for his waiver of claims and 250,000 euro in consideration for the non-competition and non-solicitations obligations provided for in the agreement.

Carnival did not offer any further information as to Foschi’s sudden departure.