‘Unfortunate decision’: Maritimo’s MD steps down amid controversy

The managing director of Maritimo, Tom Barry-Cotter, has resigned from his position at the Australian boatbuilder after revealing that the company—founded by his father—is moving in a direction he is “not comfortable with.”

“After long and careful consideration, I have made the unfortunate decision to resign from my role as managing director and leave Maritimo,” Tom Barry-Cotter says in a statement issued on Thursday (4 April 2024). “I leave Maritimo in a position of strength, with record profits, robust forward orders, enhanced customer satisfaction and much positive change in recent years.

“I am incredibly grateful for having had the opportunity to work alongside such a talented and dedicated group of people across the company, and I wish the entire team all the best for the future.

“It is very unfortunate to have to make this decision. However, ownership wished to take the company in a direction I was not comfortable with. Unfortunately, after weeks of trying to negotiate a different course, it has not reached an outcome where I am comfortable to remain at Maritimo.

“I remain incredibly energised and committed to contributing my knowledge, skills and passion to the marine industry and I look forward to the opportunities that are ahead for me. I wish Bill Barry-Cotter and the team all the best in his return to the managing director role.”

Tom Barry-Cotter became managing director of Maritimo in 2022. During his tenure, sales boomed due to pandemic-era border closures in Australia, leading to one of the yard’s strongest periods to date.

In a brief three-sentence statement issued just hours before Tom Barry-Cotter’s own statement was published on Thursday, Maritimo said:

“Tom Barry-Cotter has elected to step down as managing director of Maritimo as of today’s date [4 April 2024]. Bill Barry-Cotter, owner of Maritimo, has returned to the active chairman position.

“It is business as usual as we continue to craft our world-renowned motor luxury yachts for our valued customers across the globe.”

Bill Barry-Cotter, 79, is the father of Tom Barry-Cotter. Bill Barry-Cotter also founded Australian boating giant Riviera, which was sold and is now run by Rodney Longhurst.

Rumours about the shock departure are flying after Australian media reported that Tom Barry-Cotter read about his own resignation as managing director while overseas before he had submitted it.

In an article entitled ‘It’s War-itimo’, Gold Coast Bulletin reports that in a letter to friends, Tom Barry-Cotter claims he was not told a statement about his exit from the company had even been released.

“I am away overseas, and was not made aware of any statement being released today,” the letter reportedly reads.

“I read the news before having actually sent in my resignation. However my resignation has since been submitted.”

MIN has reached out to Maritimo for a comment.

A Maritimo spokesperson tells Gold Coast Bulletin that Tom Barry-Cotter “hasn’t been there since Christmas”, and is having “a bit of downtime” after the intense challenges of working “24-7” during covid, and the launch of the builder’s largest models to date — the 75-foot M75 Flybridge and S75 Sedan – at the 2023 Sanctuary Cove International Boat show.

“I don’t know if you have seen how tough these guys work, but he was working 24-7 there (during covid and leading up to the 75-footer launches) – he’s been building boats, there is new production, had to negotiate the tough times of covid. So it’s a bit of downtime for Tom.”

Maritimo is not actively recruiting to replace Barry-Cotter Junior, the spokeperson adds. “It’s full steam ahead and Bill is back at the helm, not that he ever left — there is saltwater in his veins.”

Bill Barry-Cotter tells the Bulletin it was “sad to see Tom go”. “He has been under a lot of pressure, and he was looking for a break,” he says. “Hopefully he will be back in the future.”

Earlier this week, Maritimo continued its expansion by appointing Dubai Power Boats as its exclusive dealer in the Middle East, representing its motor yachts in the Gulf Cooperation Council (GCC) regions, including United Arab Emirates, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.