Ferretti Group Restructure Board of Directors

By Ben Roberts

The Board of Directors at Ferretti Group chaired by Tan Xuguang has unanimously appointed Ferruccio Rossi as the new Managing Director. Ferruccio Rossi, who has been working for the Group as Riva Managing Director and Ferretti Group Country Manager since 2005, will replace Giancarlo Galeone, who has ended his mandate after CEO Salvatore Basile’s sudden death.

With Norberto Ferretti set to become the Honorary Chairman of the Board, Chairman Tan and Norberto Ferretti, even on behalf of the entire Group, have thanked Giancarlo Galeone for the important contribution he has given to the Ferretti Group through his know-how and professionalism.

These appointments will ensure absolute continuity within the Ferretti Group in a period of further development which began after the acquisition by SHIG-Weichai Group. SHIG-Weichai GROUP will closely cooperate with Ferretti Group, ensuring new distribution channels, financial support and other resources with the objective to support the Group at the international level, with particular reference to emerging markets.

SHIG-Weichai Group, the Royal Bank of Scotland and Strategic Value Partners, Norberto Ferretti, the Administrative Council, the Executive Council, have all expressed their satisfaction for the appointment of Ferruccio Rossi, a man of undoubted merit, with a strong financial talent and a tested experience in the nautical sector.

This choice will represent an important new direction that will guarantee the Groups consolidation of its leadership in the nautical sector and its continuation in a process of growth that has characterized its 42 years of history.

We would like to particularly thank Norberto Ferretti, the Group’s Founder, for the extraordinary contribution to the management. I am glad that Norberto will continue his work with passion, in order to assure our brands’ leadership in the luxury nautical sector at an international level”, said Tan Xuguang, SHIG-Weichai Group Chairman and Ferretti Group Chairman. “As the Honorary President, Norberto will continue to represent the Group in all its activities with his incomparable experience and charisma."

I strongly believe that Ferruccio Rossi’s appointment will mark an important phase in the Ferretti Group history”, said the Honorary President and Group’s Founder, Norberto Ferretti. “I would like to take this opportunity to thank, besides the Administrative Council, all those working for the Ferretti Group as well as the strategic partners for their solid support and devotion shown over the years. I would also like to thank all the Executive Committee members, starting from Giancarlo Galeone, for his great support during our critical period, since it would have been impossible to succeed without the complete support given by the all team”.

I sincerely thank the Chairman, the Administrative Council, Weichai SHIG-Group and all the shareholders because they entrusted me with this appointment. My objective will be to continue together the process of growth undertaken by the Group during these years that will further continue thanks to Weichai SHIG Group’s precious contribution”, said Ferruccio Rossi, Ferretti Group Managing Director. “I would like to thank all those working for Ferretti Group, our strategic partners, our suppliers and our customers. My objective is to create a future of further success. I would also like to thank Giancarlo Galeone for his enormous contribution, offering professionalism, his abilities and devotion to the Ferretti Group during the restoration phase which was completed successfully”.

By Ben Roberts