Ferretti shareholders back Weichai, CEO Galassi departs
Shareholders at Italian yacht builder Ferretti Group have backed China’s Weichai Group, and confirmed the departure of CEO Alberto Galassi after 12 years in the role.
The vote, which took place during the ordinary shareholders’ meeting in Milan on 14 May, saw more than 52 per cent of votes cast in support of the Weichai-backed slate.
Shareholders appointed Tan Ning as chairman of the board of directors. A follow-up meeting today (15 May) has been scheduled to ratify the appointment of former Procter & Gamble executive Stassi Anastassov as Ferretti Group’s new CEO.
During the meeting, shareholders appointed nine members to the board of directors, who will remain in office until 31 December 2028.
Ning says: “It is a great honour for me to be elected chairman of the board and wish to express my sincere gratitude to the shareholders for their trust and continued support. I would also like to extend my heartfelt thanks to the outgoing board of directors and board of statutory auditors, as well as to the outgoing CEO, Alberto Galassi, for work carried out during his mandate in the past 12 years.
“The new board of directors represents continuity, stability, and growth. It leverages a long-term industrial vision aimed at enhancing the group and its brands, as well as maintaining the manufacturing presence in Italy and the global commercial network, in line with the path undertaken since 2012.”
According to Reuters, a source reported that around 95 per cent of shareholders attended the meeting.
During the meeting, the board of directors approved the group’s 2025 full year financial results: net new revenues of €1.231 billion, up 5 per cent; adjusted EBITDA of €202.8 million with a 16.5 per cent margin; and a positive net financial position of €111 million.
The shareholder showdown follows a tense period for the group and a fierce legal challenge KKCG Maritime.
The board overhaul comes amid high-level tension, including the eleventh-hour resignation of two prominent directors.
Ferretti directors Piero Ferrari and Stefano Domenicali resign
On the eve of the shareholder meeting (13 May) honorary chairman and non-executive director Piero Ferrari and the non-executive independent director Stefano Domenicali resigned, with immediate effect.
In an open letter, addressed to the board members and the company’s statutory auditors, Ferrari wrote:
“After many years of service at Ferretti SpA, I hereby tender my resignation from my position as vice president and member of the board of directors, effective immediately.
“In communicating my resignation, I cannot help but express to this council and the mayors my frustration and disappointment at what I have witnessed in recent weeks.
“In particular, I wish to emphasise that, following a crucial shareholder decision to renew the board – made appropriately for a publicly traded company through a solicitation of proxies, as it should be for companies committed to preserving their integrity based on professional capabilities, plans, and future strategies – several faction-aligned entities appear to have adopted a strategy designed to obstruct that substantive discussion and vote.
“This is even more frustrating because these acquisitions were conducted in such a way that they appeared to fall short of all existing regulatory thresholds. Furthermore, I also witnessed a certain arrogance throughout the entire takeover process that prevented a neutral assessment of the matter.
“All of the above has put the spotlight on this company, attracting the interest of the press and regulatory authorities, including the presidency of the council of ministers, who may question the legality of some recent acquisitions by foreign entities and their compliance with applicable law.
“The ultimate consequence of what I have summarised above is that, given the current circumstances, I can no longer associate my name and the legacy it represents for Italian industry with this company.”
In the resignation sent by Stefano Domenicali, he states that the governance of Ferretti “must reflect the highest standard of integrity e transparency” pointing out that “what I witnessed in the past weeks conflicts with the above principles and sounds in evident contrast with my perception of what Ferretti should be”.
