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Thamm gets a raise with his new contract

Costa Group and Carnival Asia ceo Michael Thamm's new employment contract sets his 2017 salary at €860,250, up from the €700,000 he received in 2016, and his target bonus at just over €1.1m.

Anne Kalosh, Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

April 29, 2017

1 Min Read
Credit: Seatrade Cruise News

Thamm took on the added Carnival Asia role in December last year.

For achieving targets Thamm will also be eligible to receive €1.1m worth of restricted stock units, €465,000 in equity grants and $600,000 in shareholder equity alignment grants.

According to a filing, other benefits include an annual housing allowance of up to €150,000 for accommodations in Genoa, life and disability insurance and health insurance for himself and his family.

Besides being in charge of supervision and strategy for Costa Cruises and AIDA Cruises, and leading Carnival Asia, Thamm is the officer in charge of managing synergies such as Carnival Maritime and Carnival Europe-Asia Technology between Costa Group and Carnival UK. In addition, he is officer in charge of leading newbuild strategies for the creation of a common cutting-edge technology ship platform.

Thamm's contract doesn't specify a fixed place of work but allows him to perform his duties in the offices/countries that best allow him to accomplish his tasks in the interest of the company.

His new contract commenced April 1 and has an indefinite term.

About the Author

Anne Kalosh

Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

Anne Kalosh covers global stories, reporting both breaking and in-depth news on cruising's significant people, places, ships and trends. A sought-after expert on cruising, she has moderated conferences around the world, including the high-profile State of the Industry panel at Seatrade Cruise Global. She created and led the acclaimed itinerary-planning case study for Seatrade's cruise master classes held at Cambridge and Oxford universities. She has been the cruise columnist for AFAR.com, and her freelance stories have appeared in a wide range of publications, from The New York Times to The Miami Herald.

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