Forlì, 7 January 2009 – Paolo Favilla has been appointed new CEO of Pershing S.p.A., a brand of Ferretti S.p.A., a world leader within the sphere of designing, building and marketing of luxury motoryachts, which encompasses nine of the most exclusive and prestigious brands in the nautical world (Ferretti Yachts, Pershing, Itama, Bertram, Riva, Apreamare, Mochi Craft, CRN and Custom Line).

Paolo Favilla, 45 years old, graduated in Economics at the “Luigi Bocconi” Commercial University in Milan. He began his professional career building up management experience at Mondadori Group, Contship Italia Group and Techint Group.

From 1999 to 2004, Paolo Favilla held the position of CEO of Banknord S.p.A., a private investment bank, working within the sphere of consultancy for extraordinary financial operations, of which he also became a partner. In 2004, he became General Manager of Grandi Navi Veloci as well as a board member of Grimaldi Holding S.p.A., favouring the entry of private equity funds into the Group's capital.

Paolo Favilla takes the place of Fabio Fraternale, CEO of Itama S.p.A. who was also appointed CEO of Apreamare S.p.A. on 17th November 2008. This is part of the strategic growth plan for Apreamare and Itama, aimed at further strengthening the activities of the two brands.

Paolo Favilla will work alongside Tilli Antonelli, Chairman and founder of Pershing S.p.A.. Mr Antonelli will continue to deal directly with the aspects of Pershing and Itama brand products.