The Italian Sea Group CEO resigns as entire board steps down

The Italian Sea Group has announced the resignation of chair and CEO Giovanni Costantino and board member Gianmaria Costantino (his son) from their positions as directors, effective under Article 2385 of the Italian Civil Code.

The resignations result in the dissolution of the entire board of directors under Article 14.2 of the company’s articles of incorporation, together with Article 2386, paragraph 3, of the Italian Civil Code, because the majority of directors appointed by shareholders are no longer in office.

The existing board will continue to operate on an interim basis until a new board is appointed, allowing the company’s restructuring process to continue.

The news comes amid ongoing turmoil for the Italian superyacht yard, which is battling ongoing financial issues and an overspending probe.

The Italian Sea Group (TISG), which operates through the brands Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit and Celi 1920, announced the start of a negotiated crisis settlement procedure on 16 March 2026.

On 20 April 2026, TISG received notification of an order from the Court of Florence confirming, for four months, the protective measures requested under Articles 18 and 19 of Legislative Decree No. 14 of 12 January 2019.

An interim board meeting will be convened as soon as possible to call a shareholders’ meeting for the appointment of a new board of directors, in accordance with Article 2386, paragraph 3, of the Italian Civil Code.

In a statement issued yesterday (20 July 2026) the company says the resigning directors decided to step down after taking the restructuring process to its current stage. It adds that they considered a change in governance could support the next phase by strengthening stakeholder confidence while helping maintain continuity and maximise satisfaction for creditors.

As of the resignation date, Giovanni Costantino indirectly holds a 53.604 per cent stake in the company through GC Holding S.p.A., representing 28,410,000 ordinary shares. Gianmaria Costantino does not hold any direct or indirect interest in the company’s share capital.

Regarding their relationship with the company, The Italian Sea Group says Giovanni Costantino has no employment, contractual or other financial relationship with the company or its group companies. Gianmaria Costantino remains an employee of the company and his employment relationship will continue under the terms of his existing contract.

The company says no indemnities or other benefits are payable to either director in connection with their resignations.

It also states that the resigning directors have not raised any observations, objections or complaints regarding the circumstances behind their decision to resign beyond those already disclosed, nor have they expressed dissent over resolutions adopted by the board. The company adds that, to the best of its knowledge, there are no relevant shareholder agreements under Article 122 of the Consolidated Law on Finance (TUF) concerning the company’s shares to which the resigning directors are parties.

In January, TISG launched legal action in Sicily, seeking almost £400m from the widow of the British technology entrepreneur Mike Lynch, arguing that it suffered severe commercial damage after the sinking of the superyacht Bayesian.

In early March 2026, CEO Giovanni Costantino filed a criminal complaint, alleging financial collusion and mismanagement.

In April 2026, TISG appointed Fabio Zanobini as CFO, responsible for preparing the company’s financial reports amid the ongoing audit.

The Italian Sea Group says it will continue to update the market on developments in accordance with applicable disclosure requirements.