Chairman and CEO of the Group, Giovanni Costantino, has resigned. His son, Gianmaria Costantino, has also stepped down as a Chief Commercial Officer
Under the company's articles of association, the resignation of two board members dissolved the other members of the board automatically. Until shareholders appoint a new board, the current board will continue to operate on an interim basis to ensure the business continuity and the on-going restructuring process.
In their statement, Giovanni and Gianmaria Constantino pointed out that their resignation should help strengthen stakeholder confidence and maximise value for creditors. Thus, the board dissolution is another stage in the transformation process initiated after The Italian Sea Group started restructuring.
Despite leaving the leading role, Giovanni Constantino remains The Italian Sea Group’s majority shareholder, controlling 53.6% of the company's share capital through GC Holding S.p.A.
The Group's financial difficulties stem from more than a single factor. In March, the company reported “significant extra-budget costs” across the order portfolio and financial reporting irregularities. This was followed by the activation of protective measures and initiating restructuring proceedings.
The situation was further complicated by negotiations with the owners of yachts under construction, disputes over existing contracts, pressure on suppliers and the need to secure new financing. According to the Financial Times, over the past six months TISG shares have lost approximately 78% of their value.
Another factor is the sinking of the Bayesian superyacht built by Perini Navi. In 2024 The Italian Sea Group launched legal action seeking almost €456 million from the widow of the British technology entrepreneur Mike Lynch and the crew, arguing that it suffered severe commercial damage after sinking of the superyacht. The investigation into the causes of the tragedy is still in progress and the parties' liability has not yet been established. The company had previously maintained that it acquired Perini Navi’s assets in 2021 free of any liabilities related to the shipyard's former owner.
Perini Navi has not signed any new contracts since the time of the tragedy. However, TISG’s current crisis stems not so much from the renowned brand’s problems as from the state of its order book, cost overruns, contractual disputes and lack of funding.
The shareholders are set to appoint a new board of directors in the nearest future in order to continue implementing the restructuring plan. The board’s composition and initial decisions will serve as key signals to creditors and the market regarding the future of TISG.
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