Fairline Yachts announced the appointment of Paul Grys as its chief executive officer, and the return of Derek Carter as chairman.
“The pandemic has led to a surge in demand in the luxury yacht market and Fairline is in a great position to benefit from this. With our heritage, our passionate workforce and exciting product range, we will create a strategy to seize a greater share of this market globally,” Grys said in a statement.
Previously, Grys spent two decades with JCB during a period of that company’s international expansion, serving as managing director of several JCB business units. According to Fairline, his experience in manufacturing will help drive growth as the company expands production and continues to support its worldwide dealer network.
Derek Carter was CEO of Fairline Yachts for 15 years until 2011, when he became CEO of Portakabin and later its parent company, The Shepherd Building Group. Carter will begin his role at Fairline in January 2022.
Earlier this year, Fairline was acquired by Hanover Investors, based in the U.K.
“In Paul, we have a proven leader in operationally complex businesses as we focus on (optimizing) the Fairline factory to drive even higher levels of quality and efficiency,” said Jason Carley, senior partner at Hanover Investors. “And we are privileged that someone with Derek’s reputation in the industry is returning to the Fairline family as Chairman, working with Paul and the entire workforce to build on the strong foundations we have.”
Peter McNulty, Fairline’s outgoing interim CEO, developed a dealer network, saw the company through a financial restructuring and brought in Hanover as its shareholder. The company said it has an order book extending well into 2023.
“Peter has led Fairline through unprecedented times and his efforts have positioned the company for success. He navigated the challenges of restructuring the business, Brexit and the Covid pandemic to position Fairline back at the pinnacle of British boatbuilding. We thank him for his valued contribution and wish him well in the future,” Carley of Hanover Investors said.