The changes were confirmed during Ferretti’s Ordinary Shareholders’ Meeting on 14 May 2026, where shareholders approved a new nine-member board and reviewed the group’s 2025 financial results. Tan Ning was appointed Chairman of the Board, while Stassi Anastassov is expected to be formally appointed Chief Executive Officer during a follow-up board meeting scheduled for 15 May.
Leadership transition follows board tensions
The reshuffle follows the resignation of Honorary Chairman Piero Ferrari and non-executive independent director Stefano Domenicali, both of whom stepped down with immediate effect on the evening of 13 May.
Ferrari also resigned from several internal committees, including the Sustainability, Remuneration and Strategy Committees, while Domenicali stepped down from the Nomination Committee, the Control and Risk Committee, and his position as Chairman of the Remuneration Committee.
In statements included in the company’s official filing, both men pointed to concerns surrounding recent governance developments and the ongoing tender offer process involving Czech investment group KKCG Maritime. Ferrari described “frustration and disappointment” over what he viewed as attempts to obstruct substantive discussion and voting, while Domenicali stated that recent events conflicted with his expectations for transparency and governance standards within the company.
The governance dispute has unfolded against the backdrop of KKCG Maritime’s attempt earlier this year to increase its stake in Ferretti Group through a voluntary partial tender offer. The proposal was later rejected by Ferretti after an independent adviser deemed it “not attractive,” while majority shareholder Weichai Group publicly opposed the offer and signaled it could further strengthen its own holding.
A new board structure takes shape
The newly appointed Board of Directors will remain in office through approval of Ferretti’s 2028 financial statements and consists of nine members. Alongside Tan Ning and Stassi Anastassov, the board includes Patrick Sun, Zhang Xiaomei, Federica Marchionni, Jin Zhao, Zhu Yi, Donatella Sciuto, and Katarína Kohlmayer, who joins representing minority shareholder Azùr a.s.
Several governance committees are also expected to be formalized during the urgent board meeting scheduled for 15 May, including Audit, ESG, Strategic, Nomination, and Remuneration committees. In a statement following the meeting, newly appointed Chairman Tan Ning thanked the outgoing leadership team, including Alberto Galassi, who led Ferretti Group for the past 12 years.
The new Board of Directors represents continuity, stability, and growth. It leverages a long-term industrial vision aimed at enhancing the Group and its brands, as well as maintaining the manufacturing presence in Italy and the global commercial network, in line with the path undertaken since 2012".
Chairman of the Board of Directors
Ferretti Group
“The new Board of Directors represents continuity, stability, and growth,” Ning stated, adding that the group would continue pursuing a long-term industrial strategy focused on strengthening its brands, preserving manufacturing operations in Italy, and supporting its global commercial network.
Galassi leaves after 12 years at the helm
Galassi’s departure marks the end of a lengthy leadership period during which Ferretti expanded its international profile, strengthened its portfolio of brands, and oversaw continued investment across its Italian shipyard network. During his tenure, the group reinforced the positioning of brands including Riva, Pershing, Wally, CRN, Ferretti Yachts and Custom Line, while also expanding its presence in the large yacht and superyacht sectors.
The outgoing CEO was also closely associated with Ferretti’s Hong Kong listing in 2022 and its subsequent transfer to Euronext Milan, developments that increased the company’s visibility within international financial markets.
Alongside the governance changes, shareholders approved Ferretti Group’s 2025 financial statements, with the company reporting net new yacht revenues of €1.23 billion, up five percent year-on-year, alongside adjusted EBITDA growth of 6.7 percent to €202.8 million and a net cash position of €111 million. Shareholders also approved a dividend distribution of €0.11 per share, representing a maximum payout of approximately €37.2 million, with payment scheduled for 17 June 2026.
The results arrive during a period of continued commercial momentum for Ferretti Group, which remains one of the world’s largest yacht builders across the production yacht, sport yacht, and fully custom superyacht sectors.
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