Shareholders in Italian yachtmaker Ferretti have backed a management overhaul pushed by the group’s Chinese controlling shareholder Weichai, tightening the latter’s grip on the luxury boat builder despite investor concerns about governance.
A board slate backed by Weichai emerged victorious in a crunch vote on Thursday, the company said, capping a months-long boardroom battle between Ferretti’s two largest investors.
The Weichai-backed board slate was pitted against one put forward by Czech billionaire Karel Komárek’s firm KKCG Maritime, which proposed keeping the company’s chief executive of the past 12 years, Alberto Galassi.
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