The appointment was confirmed on October 9, following the first meeting of the company's newly elected board of directors, chaired by Saverio Schiavone. Costantino's return comes as TISG approaches a significant deadline in its search for investors, with binding offers expected by October 19.
The group, which owns superyacht brands Admiral, Tecnomar, Perini Navi and Picchiotti, remains subject to court-supervised restructuring proceedings in Florence. Costantino's executive powers will operate within the restrictions and authorizations associated with those proceedings.
Costantino Reappointed Following July Resignation
Costantino's return follows a period of leadership changes at the Marina di Carrara-based shipbuilder. On July 20, Costantino resigned as chairman and CEO, alongside fellow director Gianmaria Costantino. Their departures triggered the dissolution of the existing board under the company's governance rules.
At the time, TISG said the directors believed a change in leadership could strengthen stakeholder confidence and support the restructuring process, while the outgoing board continued operating on an interim basis. However, following a shareholders' meeting on September 30, a new board was appointed, with Costantino subsequently reinstated as CEO at its inaugural meeting on October 9.
The new directors will remain in office until the approval of TISG's financial statements for the year ending December 31, 2028.
Costantino has also been appointed the director responsible for internal controls and risk management, while the board has established new committees overseeing risk, sustainability, nominations and remuneration. Schiavone will serve as chairman, separating the chairmanship from Costantino's executive role.
TISG Restructuring Continues as Investor Deadline Approaches
Costantino's return comes at a critical time for TISG, which is addressing significant financial difficulties linked to cost overruns across its motor yacht construction portfolio.
The company's 2025 financial results revealed the extent of its difficulties:
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Net loss of €170.9 million, compared with a €33.9 million profit in 2024.
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Revenue fell 27% to €295.1 million.
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Negative €129.6 million net financial position, reflecting a further deterioration.
After entering court-supervised restructuring proceedings in July 2026, TISG launched a search for investors in August, inviting proposals for individual assets, wider business operations or an equity investment.
On September 15, TISG confirmed it had received 11 non-binding offers, with selected bidders progressing to further due diligence. Binding offers are due October 19, although bidder identities and proposed terms remain confidential.
The new board has postponed approval of its half-year financial report from October 16 to November 3 to assess the offers. Despite Costantino's return, the restructuring remains unresolved, with no investor transaction announced.
Sanlorenzo and Baglietto Among Interested Parties
Several established Italian yacht builders have already expressed interest in TISG's operations and shipyard assets. As previously reported by YachtBuyer, Sanlorenzo has backed a consortium proposal involving Polo Nautico Carrara, which has expressed interest in acquiring TISG's wider operating business.
Meanwhile, Baglietto has confirmed its interest in TISG's La Spezia facilities, potentially expanding its production and refit capacity in the area. The competitive process allows individual assets to be acquired separately, meaning any eventual transaction would not necessarily involve the entire group.
Neither company's publicly expressed interest confirms its participation among the selected bidders, and TISG has not disclosed the identities of those advancing through the current process.
What Does the Restructuring Mean for TISG's Superyacht Brands?
The outcome of the restructuring could have significant implications for TISG's superyacht operations, which extend across four brands and two principal shipyard facilities in Marina di Carrara and La Spezia. Admiral remains the group's principal large motor yacht brand, with its portfolio including custom superyachts such as the 72m Admiral superyacht No Rush by Giorgio Armani and the 78m Admiral Platinum.
Perini Navi specializes in large sailing yachts, while Tecnomar focuses on performance-oriented motor yachts, including the Tecnomar for Lamborghini 63 and Lamborghini 101. Picchiotti has also been relaunched through its Gentleman yacht series. Alongside new construction, TISG operates NCA Refit, providing maintenance and refit services for large yachts.
Despite the financial difficulties, the group has continued selected yacht-building and delivery activities during 2026, including the delivery of the first Admiral Panorama 50, SPRIBE, which subsequently appeared at the Monaco Yacht Show.
The return of Costantino places the group's founder back in executive control as potential investors consider the future of these operations.
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