Ferretti Chief Executive Alberto Galassi looks on at a shipyard in Sarnico, northern Italy, April 7, 2015. Picture taken on April 7, 2015. REUTERS
April 30 (Reuters) – Italian luxury yacht-maker Ferretti was being held back by a “lack of industrial vision” and its large Chinese shareholder’s aversion to risk, its chief executive told the Financial Times.
CEO Alberto Galassi’s comments come as the company’s two largest shareholders – Chinese state-owned conglomerate Weichai Group and Czech investor KKCG Maritime – set the stage for a proxy battle at the company’s annual meeting on May 14.
Galassi said “management changes at Weichai have constrained decision-making at Ferretti and the lack of industrial vision is weighing negatively on the group”, in an interview with the FT published on Thursday.
KKCG Maritime submitted a list of nominees, including KKCG’s founder, Karel Komarek, for president, and proposed confirming Galassi as chief executive.
The Czech firm, which last month increased its stake to around 23% of Ferretti’s capital, said it wanted to overhaul the firm’s board, currently dominated by representatives of China’s Weichai Group, which has a 39.5% stake.
Weichai’s slate contains no explicit nominee for the chief executive role, and proposes Executive Director Tan Ning as chair.
Galassi said Weichai’s decision-making had slowed since its former chair Tan Xuguang’s departure in 2024.
He said Weichai’s decision to scrap Ferretti’s security division was a “grave mistake”, and criticised the Chinese group’s strategic and capital allocation decisions.
Weichai did not immediately respond to a Reuters request for comment on Galassi’s interview.
Reporting by Chandni Shah in Bengaluru
