Luxury Italian Shipyard Ferretti Steered Towards New Horizons as KKCG Maritime Proposes Groundbreaking Board Members

In an unprecedented power shift, KKCG Maritime has proposed a power-packed list of candidates for election to Ferretti’s board of directors. This bold move, made public prior to Ferretti’s annual general meeting, seeks to retain Karel Komarák as chairman and preserve Alberto Galassi’s CEO role. It also signifies the formal initiation of a rigorous contest that will likely reshape the future of the renowned Italian shipyard.

This move gained significant momentum after KKCG’s voluntary partial tender offer on 13th April, which garnered valid acceptances for over 29.6 million shares. With a staggering 13.5 million shares tendered on the final day, KKCG announced it would purchase all tendered shares at €3.90 per share, a deal amounting to a cool €115.5 million. Consequently, KKCG Maritime now holds about 78.6 million shares - close to a quarter of Ferretti’s subscribed and paid-in share capital.

The proposed board is not short of impressive figures. Among them sits Katarína Kohlmayer, chief financial officer of KKCG and a former Morgan Stanley investment banker, proposed as a non-executive director. Joining her is Kamil Zeman, executive director of KKCG Maritime and another ex-J.P. Morgan banker on board. Together, they form a powerful trinity pushing for a full board takeover of the Italian shipyard.

Beyond this formidable trio lie other noteworthy figures. Piero Ferrari and Stefano Domenicali, both existing Ferretti directors, are conspicuously present on the slate. They’re joined by prospective independent non-executive directors Jane Townsend, a former Allen & Overy partner, and Zuzana Prokopcóvá, an ex PwC director.

The slate’s most fascinating appointment may be that of Bader Al-Kharafi, vice chairman and group CEO of telecom giant Zain Group. Al-Kharafi’s stake in Ferretti could point to strategic accumulation or simply impeccable timing. Regardless, his experience could significantly contribute to Ferretti’s penetration in coveted demand pools.

In a strategic move parallel to the proposed board shift, KKCG Maritime has also submitted its candidates for election to Ferretti’s Board of Statutory Auditors. As the AGM approaches, all eyes are on the formidable challengers lining up for Ferretti’s board. As this unfolds, observers wonder: could this herald a fresh wind in Ferretti’s sails?