Forlì, 28 May 2014 – The Board of Directors of the Ferretti Group, as convened by Chairman Tan Xuguang, who also heads the Weichai Group, has named Alberto Galassi to be Ferretti’s new Chief Executive Officer.<br /><br />Mr. Galassi replaces Ferruccio Rossi effective immediately.<br /><br />This change is part of a consolidation/relaunching plan that is focused on the design and construction of a new range of products, as well as on the implementation of new business and marketing strategies.<br />The goal is to secure to Ferretti Group a primary position on the international markets and confirm the role played by the boats made by the Group as ambassadors of Made in Italy technology and style.<br /><br />The new endeavour is being made possible by the foundamental support of the Weichai Group, the majority shareholder in the Ferretti Group since 2012. Weichai has been of crucial importance with its contributions of equity support and new distribution channels.<br /><br />To show its determination in ensuring the worldwide growth of the Ferretti Group, the Weichai Group has deliberated an additional shareholders’ loan of 30 million Euros convertible into future equity .<br /><br />“I would like to thank President Tan Xuguang and the Weichai Group for the trust they have placed in me by appointing me to a position with such great responsibility”, said new Chief Executive Officer Alberto Galassi. "The Ferretti Group stands for Made in Italy excellence around the world, in a sector where style and technology are combined to achieve a synthesis of craftsmanship, innovation and beauty.<br />We are confident that our brands and products, in whose development the Shareholders have made a major investment, will appeal to the taste and gain the trust of the selective boat owners who are already a part of the Ferretti tradition, as well as of new owners who are taking their first steps into the world of boating. It is with great enthusiasm that I am placing my commitment, my experience and my great passion for boating at the disposal of the Ferretti Group, of its customers and of its entire workforce”.<br /><br />Alberto Galassi<br />Born in Modena, Italy in 1964, an authority on international affairs by profession and with a passion for Made in Italy, Alberto Galassi is an attorney specialized in international law. He is also the Chairman of Piaggio Aero Industries. In 2000, Mr. Galassi became the Member of its Board of Directors designated for business and marketing, and also a member of the executive committee.<br /><br />Mr. Galassi has played a crucial role in the international success of this Company, since he has been one of the main promoters of its strategic partnerships and spearheaded the acquisition of an interest in Piaggio Aero Industries by Mubadala Development Company, the strategic investment company of the Abu Dhabi government, and by the Tata Group. Under his leadership, Piaggio Aero built and delivered the highest number of P. 180 Avanti II aircraft in the Company’s history.<br /><br />Also, to confront an economic downturn in the business aviation sector, Mr. Galassi implemented a strategy of product diversification that enabled Piaggio Aero to become one of the 5 companies in the world able to design and build a remotely piloted aircraft (the P.1HH HammerHead).<br />Alberto Galassi is also the only Italian director to sit on the Board of the Manchester City Football Club, which has won the English championship in 2014.<br /><br />In October 2013, Mr. Galassi joined the Board of Directors of the Ferretti Group and has today become its Chief Executive Officer.