Paolo Vitelli, founder of Azimut-Benetti Group, dies age 77
Paolo Vitelli, founder and president of the Azimut-Benetti Group, and a titan of the Italian boating industry, has passed away at the age of 77 following a domestic accident at his home in Ayas, Valle d’Aosta, in Italy.
The group confirmed the news in a short post on its website.
Born in Turin on 4 October 1947, Vitelli graduated in economics and commerce in 1970. While still a university student in 1969, he established Azimut, initially focusing on the trade and construction of leisure boats. Under his leadership, the company expanded significantly, becoming a recognised entity in the international nautical sector.
In 1985, Vitelli acquired the Benetti shipyard, a brand historically associated with Italian yacht construction. This acquisition led to the creation of the Azimut-Benetti Group. The group currently operates six shipyards in Italy and one in Brazil, manufacturing motorboats ranging from 9 to 110 metres under the Azimut and Benetti brands. Its production value for the 2023-2024 nautical year stands at €1.3bn, with an order book valued at €2.6bn. In 2024, the group was ranked number one in the production of megayachts over 24 metres.
The company employs approximately 2,500 people.
From 1998 to 2006, Vitelli was the president of Ucina (now Confindustria Nautica), a Confindustria (Confederation of Italian Industry) association grouping businesses in the Italian yachting industry. From March 2013 to September 2015, he was a member of the Italian parliament, elected to the Civic Choice List with Monti for Italy.
Vitelli’s death is a significant loss for the yachting industry, which has long recognised him as a key figure in advancing Italian craftsmanship and innovation within the sector.
