finance
Weichai Ousts Management at Italian Yachtmaker Ferretti
Weichai has replaced the management at Ferretti Group after a shareholder vote on competing board slates. The action concludes months of conflict between the two largest investors in the Italian luxury yacht manufacturer. The vote determines the composition of the company's board.
May 14, 9:36 AM·1m read1 source
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The vote marks the end of a months-long dispute between the two biggest investors in the company. The shareholder meeting decided between rival slates for the board of directors. One slate was backed by Weichai while the other represented the interests of the second-largest investor.
The outcome gives Weichai effective control over the company's direction. Ferretti builds luxury yachts and derives most of its revenue from sales in Europe, the United States and Asia. The company has faced pressure from its major shareholders over strategy and performance in the high-end marine sector.
The management change follows sustained tensions between the investors.
The conflict between the two largest shareholders developed over several months. Disagreements centered on the future direction of Ferretti and its operational decisions. The competing board slates were presented as alternative visions for the company's leadership.
The vote resolves the immediate governance battle. These directors will now oversee the appointment of a revised management team. The development comes as the global luxury yacht market continues to expand. Ferretti competes with other European builders for orders from high-net-worth clients.
The new board is expected to review current operations and strategy.
