Stassi Anastassov appointed new CEO of Ferretti Group, Tan Ning takes the chairmanship
In the end, Weichai prevailed. But describing it simply as a shareholders’ meeting victory would be reductive - almost offensive to the complexity of what has unfolded around Ferretti Group over the past few weeks.
What took place today in Milan was not an ordinary board renewal meeting. It was the culmination of a corporate crisis that mixed finance, geopolitics, national defence and industrial pride in a way the Italian yachting industry had never experienced with such intensity. In the end, the list backed by Ferretti International Holding - the vehicle through which the Chinese group Weichai controls approximately 39.5% of the capital - obtained 52.3% of the shareholders’ votes and eight directors out of nine. The list presented by Azùr AS, linked to KKCG Maritime, obtained only one seat: that of Katarína Kohlmayer.
The outcome had been expected, but until the very end it was not a foregone conclusion. Because in the hours preceding the meeting, every attempt had been made to stop the process.
KKCG representatives formally requested that Weichai’s voting rights be suspended for its entire shareholding or, alternatively, that the meeting be postponed pending the completion of investigations launched by the competent authorities. The basis for this request was the complaint filed in recent days with the Italian Prime Minister’s Office, in which KKCG alleged possible violations of Golden Power regulations: according to this reconstruction, Ferretti Security Division carries out activities linked to the defence sector, and this would have required specific prior notifications that the Chinese shareholder had allegedly never submitted. The meeting rejected both the request to suspend voting rights and the request for postponement. The shareholders’ meeting therefore proceeded regularly, and the Weichai side achieved the result it had been seeking.
The most symbolic moment, however, had come the previous day. Piero Ferrari resigned with immediate effect from his positions as vice chairman and board member, through a letter addressed to the board and the board of statutory auditors that left little room for interpretation. "Frustration and disappointment" over what had happened in recent weeks, an explicit reference to share purchases carried out by entities close to one of the factions involved and kept below mandatory disclosure thresholds, and — in precise words — the desire to no longer associate his name and industrial legacy with the current corporate situation. Ferrari left by slamming the door, and the impact was clearly felt.
With the new Board now in place, the chairmanship goes to Tan Ning, who in the post-meeting statement spoke of "continuity, stability and growth", thanking the outgoing board and Alberto Galassi "for the work carried out over the last twelve years". Perhaps formal words, but also a signal of how the transition is intended to be managed: without further public ruptures, with the tone of those who have won and no longer need to insist.
The real turning point, however, is operational. For the urgent board meeting convened on May 15, the appointment of Stassi Anastassov as new Chief Executive Officer was proposed. This marks the official end of the Galassi era: eleven years at the helm of the group, the Hong Kong listing, the subsequent Milan listing, and the building of global leadership in the premium and superyacht segments. A path that transformed Ferretti into what it is today — and which now passes into someone else’s hands.
The new board clearly reflects the balance of power: alongside Tan Ning and Anastassov sit Patrick Sun, Zhang Xiaomei, Jin Zhao, Zhu Yi, Federica Marchionni, Donatella Sciuto and Katarína Kohlmayer. Four directors from the majority list are classified as independent. The internal committees follow the same logic: Patrick Sun will chair the Control and Risk Committee, Zhu Yi the Remuneration Committee, Tan Ning the Strategic Committee, and Federica Marchionni the Sustainability Committee.
Within the same context, the shareholders’ meeting approved the 2025 financial statements: net new revenues of €1.231 billion, up 5%; adjusted EBITDA of €202.8 million with a 16.5% margin; and a positive net financial position of €111 million. A dividend of €0.11 per share was also approved. Figures that describe an industrially solid company, making it even clearer that the battle of recent months was never about industrial performance, but about control.
What remains open is everything else. KKCG’s challenges regarding Golden Power do not disappear with the shareholders’ meeting outcome: investigations launched by the competent authorities continue, Copasir is still following the case, and the attention of Italian institutions towards assets considered strategic - especially those linked to defence - has certainly not diminished. The regulatory and political game is still ongoing.
On the industrial front, the new course appears focused on continuity with the strategy implemented by Weichai since 2012: safeguarding the brands, strengthening the global presence and maintaining the Italian production base. A reasonable programme, on paper. But after the departure of Galassi and Ferrari - two figures who, in different ways, embodied the soul of the group - Ferretti is entering a new phase. With a redesigned governance structure, a management team still to be built and several open questions that sooner or later will need answers.
Today’s victory is clear. Much less defined, however, is the medium-term picture. The next moves by the new management will determine whether the group will be able to maintain that balance between industrial vision, Italian identity and international leadership that has supported its growth in recent years. Because Ferretti is not only one of the world’s leading players in high-end yachting, but also one of the symbolic assets of Italian industrial Made in Italy worldwide.
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