Ferretti Group CEO Alberto Galassi has initiated a public proxy battle against Weichai Power, the Chinese industrial conglomerate holding 37% of the Italian luxury yacht manufacturer, with both sides seeking to control board composition at the April annual meeting. Galassi accused Weichai of governance overreach in statements to the Financial Times, marking the first open conflict since the Chinese firm acquired its stake in 2012 for approximately €374 million.
Weichai has demanded expanded board representation beyond its current two seats on Ferretti's nine-member board, citing its position as the single largest shareholder. The Chinese firm, which manufactures diesel engines and heavy machinery, initially purchased the Ferretti stake through its Hong Kong-listed subsidiary Weichai Power Hong Kong. Galassi's public criticism centers on Weichai's attempt to increase control despite Ferretti's shares trading on the Borsa Italiana, where minority investors including Italian institutional funds hold the remaining 63%. The CEO characterized Weichai's governance demands as inconsistent with listed-company standards for shareholder balance.
The timing matters because Ferretti delivered record revenues of €1.08 billion in 2023, up 22% year-over-year, driven by demand for yachts in the 24-to-90-meter range. The company's order book stood at €1.9 billion as of December 2023, representing roughly 18 months of production capacity across its eight brands including Riva, Pershing, and Custom Line. A governance disruption now would hit during Ferretti's expansion into larger superyacht construction, where the company competes against Sanlorenzo and Azimut-Benetti for ultra-high-net-worth clients placing orders exceeding €50 million per vessel. Weichai's original thesis—vertical integration for marine diesel engines—has become less relevant as Ferretti's product mix shifts toward hybrid and fully electric propulsion systems, reducing dependency on Weichai's core manufacturing capabilities.
Proxy advisors typically recommend proportional board representation based on economic ownership, which would suggest three or four seats for a 37% holder in a nine-seat structure. Galassi's public stance suggests he will argue for maintaining the status quo, likely positioning Weichai's demands as destabilizing to a well-performing management team. The CEO's willingness to fight publicly indicates confidence in support from Italian institutional shareholders and possibly from Piero Ferrari, who holds a 13.2% stake through his family office. Without Ferrari's backing, Weichai could theoretically secure board control by aligning with smaller shareholders frustrated by Ferretti's €0.18 dividend yield, which lags the 2.1% average for Italian mid-cap industrials.
Allocators should monitor proxy advisory firm recommendations from ISS and Glass Lewis, expected in mid-March, and watch for any secondary block trades in Ferretti shares that might indicate institutional repositioning ahead of the vote. The outcome will set precedent for how Italian public companies handle Chinese industrial shareholders seeking governance influence beyond passive investment. Weichai has not yet filed its formal board slate, required 30 days before the meeting, leaving room for negotiated settlement.
Ferretti shares closed at €3.42 on Friday, flat year-to-date, suggesting the market views this as governance noise rather than operational risk. That pricing will reverse if Weichai wins enough seats to influence yacht design strategy or propulsion partnerships, areas where Chinese industrial logic rarely aligns with European luxury-brand positioning.
The takeaway
37% Weichai stake triggers open proxy fight at Ferretti as CEO defends board composition ahead of April vote; yacht order book at €1.9B complicates timing.
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