The Italian Sea Group (TISG) has reappointed founder and former chief executive Giovanni Costantino as chief executive, as the yacht builder continues a restructuring and investor selection process.
The decision was made by the company’s new board at its first meeting under chairman Saverio Schiavone.
Costantino, TISG’s main shareholder, has been granted powers subject to the limits and authorisations applying to proceedings before the Court of Florence.
He was also appointed director responsible for the internal control and risk management system.
The board confirmed Fabio Zanobini as chief financial officer following a favourable opinion from the board of statutory auditors.
Enrico Filippi remains board secretary and director Massimo Mallegni received a non-executive advisory role covering institutional and industrial relations, without representation powers or additional remuneration.
Sabrina Bruno will chair both the Control, Risk and Sustainability Committee and the Nomination and Remuneration Committee. Mallegni and Gabriella Covino will serve on both committees.
Potential investment proposals
The appointments come as TISG considers potential investment proposals. The company received 11 non-binding offers in the first phase of its competitive process, covering both asset and share transactions. Selected bidders were expected to enter due diligence before submitting binding proposals.
TISG has moved approval of its consolidated half-year financial report from 16 October to 3 November 2026.
It said the delay would allow an adequate assessment of binding investor offers, expected by 19 October. The revised timetable does not confirm that an offer will be accepted or that a transaction will complete.
The process follows a deterioration in the group’s financial performance. Earlier in October, TISG reported a consolidated net loss of €170.9 million for 2025, while revenue fell 27% to €295.1 million from €404.4 million. The company’s gross order book stood at about €1.03 billion, with net backlog of €349.5 million.
The company has not disclosed the bidders’ identities, proposed valuations or funding terms.
