CEO of Ferretti SpA resigns

FORLÌ, Italy – Vincenzo Cannatelli has relinquished his powers as CEO of Ferretti S.p.A., parent company of yacht builder Ferretti group, and has resigned from the position of director of the subsidiaries effective immediately, the company reported in a recent statement.

He will continue to serve as member of the Board of Directors of Ferretti S.p.A. until the General Shareholders’ Meeting that will approve the financial statements for the year ending Aug. 31, 2008.

This decision, taken in full agreement with the Board of Directors of Ferretti S.p.A., takes account of the extension of the timetable for a potential IPO, given the financial market crisis and, consequently, the need to allow the company to lay out an organizational structure that is more consistent with the current market conditions, the company stated.

Norberto Ferretti continues to serve as the group’s chairman and CEO. Ferruccio Rossi has been confirmed as the group’s general manager, and Mauro Moretti, the group’s CFO, will receive broader operating powers, according to the company.

“Implementation of a longer term succession plan at this point in time makes perfect sense for Ferretti,” said Cannatelli. “Having prepared the company for a flotation, I have decided to focus my attention on my other entrepreneurial activities and pass on my daily managerial responsibilities in order to allow longer term succession to happen in an orderly fashion.”

Norberto Ferretti, Chairman and Founder of Ferretti group, thanked Cannatelli “for almost two years of service as CEO and for the excellent results that have been delivered” and recognized the role he played “in the global expansion and development of the Ferretti group.”

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