The Italian Sea Group’s chief executive officer and chairman of its board of directors, Giovanni Costantino has resigned.
In addition, non-executive director Gianmaria Costantino, has also resigned as a director and from the board.
Through his company GC Holding SpA, Costantino indirectly holds more than 53% of the company’s share capital.
Under Italian law, the resignations have resulted in the dissolution of the entire board of directors as the majority of the directors that were appointed at the last shareholders’ meeting are no longer in office.
The directors will continue to operate on an interim basis until a new board is appointed, in order to ensure continuity and the continuation of the company’s current restructuring process.
Restructuring
The resignations follow a troubled period for the Italian shipyard which is currently under court protection while it restructures.
Financial difficulties first came to light earlier in 2026 when cost overruns affecting the majority of contracts in progress came to light which had an adverse impact on the company’s cash position.
GC Holding as the company’s controlling shareholder has provided a €25 million loan to shore up finances.
The Group’s net financial debt stood at €178 million as at 31 May 2026.
