In the latest clash over control of Ferretti, shareholders Thursday sided with China’s Weichai Group to win control of the board. Shareholders elected a new nine-member board of directors. Tan Ning was elected chairman, and Stassi Anastassov was named incoming CEO, ending Alberto Galassi’s 12-year tenure.
“It is a great honor for me to be elected chairman of the board, and [I] wish to express my sincere gratitude to the shareholders for their trust and continued support,” Tan Ning said in a statement.
Two directors — honorary chairman Piero Ferrari and independent director Stefano Domenicali — resigned from the board, citing a breakdown in governance standards during the recent tender offer process.
In a separate statement, Ferrari said that this choice was dictated by “my frustration and disappointment for what [was] witnessed in past weeks,” pointing out that “various entities close to a faction seem to have adopted a strategy aimed at impeding such substantive discussion and vote” and that there was “some sort of arrogance throughout the tender offer process in impeding a neutral judgement on the same.”
In his resignation, Domenicali said in the statement that the governance of Ferretti “must reflect the highest standard of integrity and transparency.” He added that what he “witnessed in the past weeks conflicts with the above principles and sounds in evident contrast with my perception of what Ferretti should be.”
At the same meeting, shareholders approved Ferretti’s 2025 financial results, which showed net new yacht revenues of €1.23 billion ($1.43 billion), up 5% year-over-year, and adjusted EBITDA of €202.8 million ($236 million), a 6.7% increase representing a margin of 16.5%. The builder reported a net cash position of €111 million ($130 million).
Reuters reported that the shareholder vote does not end the uncertainty over governance at Ferretti. KKCG, the Czech investor group that mounted the challenge to Weichai, may appeal the validity of the actions.
