Stefano de Vivo has stepped down from his role as chief commercial officer of Ferretti Group and Wally MD.
He will now take on the role of CEO of his own family office from November 1, while maintaining his connection with the Ferretti Group and continuing to collaborate as a technical consultant for the development of Wally Sail.
Stefano had held the role of CCO since 2014.
The Ferretti Group has expressed its appreciation for the work carried out by Stefano de Vivo over the years, acknowledging his contribution to the growth and consolidation of the Wally brand.
Ferretti says Stefano’s resignation will not have any material adverse impact on the business operation of the Group and Stefano has confirmed there is no disagreement with the board of directors.
Stefano’s departure comes as Ferretti reported a net profit of €44 million for the first half of 2024, an increase of 7.6% when compared to the same period in 2023.
The second quarter of 2024 also shows signs of long-term growth, including the consistent recovery in demand from the North American market, which grew by more than 28%.
Alberto Galassi, Ferretti Group CEO
The Group also recorded the net revenue of new yachts was €611 million, an increase of 7.7% when compared to H1 2023 and an order intake of €514.4 million in the first half of 2024, with a second quarter showing a new growth trend.
The latest financial results also showed an order backlog of €1.5 billion, +6% compared to 30 June 2023.
“Margins reached 15.8%, the best result ever for the Group’s profitability, together with a net financial position of 237 million euros, improved by more than 30 million compared to last spring,” said Alberto Galassi, the Group’s CEO.
“The second quarter of 2024 also shows signs of long-term growth, including the consistent recovery in demand from the North American market, which grew by more than 28%.”
He added: “The season of the great European boat shows is now upon us and sees Ferretti Group present itself with a range of innovative products that are technologically advanced, attentive to sustainability and, as always, beautiful.
“Extraordinary boats that, we are sure, will once again be rewarded by the international market.”
