Carnival Corp. named its long-time executive Howard Frank chairman of Costa Crociere S.p.A, the Italian travel and cruise group.

The appointment was announced the same day that Carnival Corp. revealed that Frank was to receive a $7.5 million lump sum as part of his separation agreement from Carnival Corp., along with his annual cash bonus for 2013.

He also is to be paid $575,000 a year for consulting services, Carnival announced in a Form 8-K filed with the SEC. The agreement includes a three-year non-compete clause.

As Costa chairman, Frank will support CEO Michael Thamm.

Last November, after 25 years with Carnival Corp., which included serving as COO and vice chairman since 1998, Frank stepped down to serve as special advisor to CEO Arnold Donald and to Chairman Micky Arison.

Frank currently serves as chairman of the executive committee of the Cruise Lines International Association.

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