Ferretti Shareholders face board control battle between KKCG and Weichai

Thursday 14 - 09:45

Shareholders of Ferretti S.p.A. are set to vote on board leadership as two major investors, Czech-based KKCG Maritime and China’s Weichai Group Holdings Limited, compete for control of the luxury yacht manufacturer’s governance structure.

The annual meeting has become a key battleground, with both shareholders submitting competing lists of board candidates. The outcome will determine the company’s future leadership direction and strategic priorities in a highly competitive global luxury yacht market.

KKCG Maritime, which recently increased its stake to around 23%, is seeking to confirm current Chief Executive Officer Alberto Galassi in his position and restructure the board, which it says is currently dominated by representatives linked to Weichai. In contrast, Weichai, holding approximately 39% of shares, has proposed replacing Galassi with former Procter & Gamble executive Stassi Anastassov.

Under company rules, the slate of candidates that secures the highest number of shareholder votes will control most board appointments, making the vote decisive for corporate governance.

The dispute comes amid growing scrutiny of foreign investment in strategic European companies, particularly in sectors involving high-value manufacturing and luxury exports. KKCG Maritime has also reportedly raised concerns with Italian authorities regarding compliance with national “golden power” regulations, which allow governments to intervene in transactions involving sensitive industries.

However, it remains unclear whether Ferretti falls fully under such regulatory protections, which are designed to safeguard national security and economic interests in key sectors.