Vincenzo Cannatelli resigns from the position of Chief Executive Officer of the Ferretti Group
Friday, December 19, 2008
Forlì, 19 December 2008 – Ferretti S.p.A., parent company of Ferretti group, a world leader within the sphere of designing, building and marketing 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), announces that Vincenzo Cannatelli has relinquished his powers as Chief Executive Officer of Ferretti S.p.A. and has resigned from the position of director of the subsidiaries effective immediately, while continuing to serve as member of the Board of Directors of Ferretti S.p.A. until the General Shareholders’ Meeting that will approve the financial statements for the year ending 31 August 2008.
This decision, taken in full agreement with the Board of Directors of Ferretti S.p.A., takes account of the extension of the timetable for a potential IPO, given the financial market crisis and, consequently, the need to allow the Company to lay out an organizational structure that is more consistent with the current market conditions.
Norberto Ferretti continues to serve as the Group’s Chairman and Chief Executive Officer, Ferruccio Rossi has been confirmed as the Group’s General Manager, and Mauro Moretti, the Group’s CFO, will receive broader operating powers.
Vincenzo Cannatelli said “Implementation of a longer term succession plan at this point in time makes perfect sense for Ferretti. Having prepared the company for a flotation, I have decided to focus my attention on my other entrepreneurial activities and pass on my daily managerial responsibilities in order to allow longer term succession to happen in an orderly fashion”.
Norberto Ferretti, Chairman and Founder of Ferretti group said “On behalf of all of the shareholders, I would like to thank Vincenzo Cannatelli for almost two years of service as CEO and for the excellent results that have been delivered over that period. He has played an important role in the global expansion and development of the Ferretti group and we wish him well in his new endeavours”.