Azimut Benetti Group founder and president Paolo Vitelli received the first Carlo Riva Award, which is named for the famed powerboat designer and builder who died in April.

The recognition, which celebrates Vitelli’s contribution to the international boat industry and the prestige of the group he founded, was presented during the Versilia Yachting Rendezvous, an event that focuses on the high end of the boat industry. It was held from Thursday through Sunday in Viareggio (Tuscany).

Azimut Benetti builds luxury motoryachts.

“Being chosen by my fellow businessmen makes me particularly proud,” an emotional Vitelli said during the ceremony. “Life is a challenge that needs to be approached with gusto, passion and, if possible, fun. I’d therefore like to invite young people to seize this challenge with courage, investment and, nowadays, a touch of healthy craziness, too. I’m sure that they’ll enjoy the satisfaction of living a life of building and creating, for themselves and for Italy. And that they’ll have fun.”

Organizers said the award, presented for the first time this year, will be given annually to a leading figure who has made an important contribution over the years to the international boat industry.