Norberto Ferretti has been replaced by Tan Xuguang as chairman of the Ferretti Group. A statement said Ferretti will stay with the Group as its honorary chairman. Ferruccio Rossi was named as the Group’s new managing director, replacing Giancarlo Galeone.
Tan, 51, is chairman of SHIG-Weichai Group, which acquired Ferretti Group in January. Rossi has been Riva’s managing director and Group country manager since 2005.
“These appointments will ensure the most absolute continuity to the Ferretti Group in the course of a further development that started after the power acquisition by SHIG-Weichai Group,” said the statement. The statement added that the Chinese parent would “closely cooperate” with the Italian builder on building new distribution channels in “emerging markets” and providing financial support.
“I am glad that Norberto will continue his work with passion, in order to assure our brands’ leadership in the luxury nautical sector at an international level,” said Tan in the statement. “I strongly believe that Ferruccio Rossi’s appointment will mark an important phase in the Ferretti Group history.”
Rossi, who worked at ING Barings, JP Morgan Chase and Permira before joining Ferretti, has a strong background in finance. Tan said Rossi was the “most suitable person” for the position.
Rossi said he plans to continue the Group’s “process of growth”.
“My objective is to create a future of further success,” Rossi said. “I would also like to thank Giancarlo Galeone for his enormous contribution, offering professionalism, his abilities and devotion to the Ferretti Group during the restoration phase which was completed successfully.”