FORLÌ, Italy – Vincenzo Cannatelli has relinquished his
powers as CEO of Ferretti S.p.A., parent company of
yacht builder Ferretti group, and has resigned from the
position of director of the subsidiaries effective
immediately, the company reported in a recent statement.
He will continue 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 Aug. 31, 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, the company stated.
Norberto Ferretti continues to serve as the group’s
chairman and CEO. Ferruccio Rossi has been confirmed as
the group’s general manager, and Mauro Moretti, the
group’s CFO, will receive broader operating powers,
according to the company.
“Implementation of a longer term succession plan at this
point in time makes perfect sense for Ferretti,” said
Cannatelli. “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, thanked Cannatelli “for almost two years of
service as CEO and for the excellent results that have
been delivered” and recognized the role he played “in
the global expansion and development of the Ferretti
group.”
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