The Ferretti Group announced that it appointed Tan Xuguang as group chairman, replacing Norberto Ferretti, who becomes honorary chairman.
Ferruccio Rossi was appointed as the new managing director of the Italian luxury yacht builder.
Xuguang is chairman and CEO of Weichai Power Co. Ltd., chairman of Weichai Group Holdings Ltd. and chairman of Shandong Heavy Industry Group Co. Ltd. He also serves as vice chairman of the China Enterprise Confederation and the China Internal Combustion Engine Industry Association.
Rossi, who has been working for the group as Riva managing director and Ferretti Group country manager since 2005, will replace Giancarlo Galeone, who has ended his mandate after CEO Salvatore Basile's sudden death.
Shandong Heavy Industry Group-Weichai Group announced in January that it reached agreements with the major creditors of the Ferretti Group to acquire a controlling interest in Ferretti by participating in Ferretti’s debt restructuring.
"We would like to particularly thank Norberto Ferretti, the group's founder, for the extraordinary contribution to the management,” Xuguang said in a statement. “I am glad that Norberto will continue his work with passion in order to assure our brand’s leadership in the luxury nautical sector at an international level.
“As the honorary president, Norberto will continue to represent the group in all its activities with his incomparable experience and charisma,” Xuguang added. “Weichai SHIG-Group confirms his commitment and his pursuit for the Ferretti Group expansion in Europe, America and Asia Pacific, namely international excellence and leading role in the nautical sector."