Former Exec Sues Ambassadors, Alleging Improper Firing

David Giersdorf, former president of Ambassadors Cruise Group, has filed a lawsuit against Ambassadors International in the Superior Court of Washington for King County.

In October 2007, Ambassadors said in a press release that Giersdorf had “announced his resignation effective Dec. 31.” But according to a Securities and Exchange Commission document filed on March 14 by Ambassadors International, Giersdorf on Feb. 26 filed a complaint alleging that he was improperly terminated. He claimed damages in excess of $70 million.

According to the filing, Giersdorf’s claim said he left a tenured position with Holland America Line, which well-positioned him to be the president of HAL and consequently earn a multimillion dollar annual salary until retirement; he was denied the opportunity to vest in 87,500 option shares and 30,000 restricted stock grants, which should be valued at a stock price of $47 per share.

“We believe all of Mr. Giersdorf’s claims lack merit and will defend them vigorously, but are not able at this time to estimate the outcome of this proceeding,” Ambassadors said in the filing.