Longtime Carnival Corp. insider — and recent semi-retiree — Howard Frank has a new job: chairman of Italian brand Costa Crociere.
Doral-based Carnival Corp. announced the news Tuesday, nearly three months after Frank stepped down from his position as chief operating officer and vice chairman of the world’s largest cruise company. At the time, the company said he would stay on as a special advisor to chairman Micky Arison and CEO Arnold Donald.
Frank, 72, will continue in that role, a spokesman said.
According to a regulatory filing Tuesday, the company entered into both a separation agreement and a consulting agreement with Frank. As part of the separation agreement, Frank will receive a lump sum of $7.5 million, any bonus he’s entitled to, retirement benefits and medical and dental coverage for himself and his wife.
He will also receive $575,000 a year for his consulting work as advisor and non-executive chairman of Costa, which includes overseeing the board of directors and supporting CEO Michael Thamm.
Regulatory filings show Frank was paid a salary and bonus of $2.8 million in fiscal 2012; total direct compensation that year was $5.9 million.
Frank replaces Pier Luigi Foschi, whose retirement was announced earlier this month. Foschi was CEO of Costa during the fatal shipwreck of the Costa Concordia two years ago. Six months later, he retired from that job and was later named head of the parent company’s operations in Asia. He remained chairman of Costa until his recent retirement.
After the wreck, which killed 32, Frank traveled to Italy frequently to help the brand’s leaders handle the aftermath. In his new role, he will split his time between Miami and Italy as needed, a spokesman said.