Luxury yacht brand Sunseeker has confirmed that CEO Andreas Frabetti has left the firm just three weeks after denying he had done so.
The firm announced it has appointed ‘experienced interim CEO’ Scott Millar, of Teneo Financial Advisory, to take the helm while the search goes on for a permanent replacement.
“Sunseeker announces Andrea Frabetti has stepped down as Chief Executive Officer and as Board Director with immediate effect, by mutual agreement,” a statement said. “Following the recent capital investment from its lenders, Sunseeker is preparing for its next chapter of growth under a new leader.”
Frabetti joined in 2018 as chief technical officer before being made CEO a year later.
“Since then, he has made a significant contribution to the business, having overseen a number of strategic changes, including significant investments in research and development, production advancements, and new product launches,” says Sunseeker.
“Recently, Sunseeker secured fresh capital investment from its lenders, Cheyne Capital and Cross Ocean Partners, providing the platform for its long-term future success,” the company says. “Sunseeker remains focused on its existing strategy to fulfil its global order book and invest in new product development, including the Superyacht strategy.”
“It has been an honour to lead at Sunseeker International during what has been a pivotal time for the business and the wider sector,” Frabetti said. “Following the recent new financing to strengthen Sunseeker’s financial position and support ongoing operations, now is the right time for me to step down. I leave the business in safe hands and look forward to seeing its continued success.”
“I would like to thank Andrea for his commitment and dedication to Sunseeker and his personal support to me in taking on interim leadership of the business,” said Millar. “Sunseeker maintains a strong position in its market thanks to an outstanding team of people and a supply chain focused on building and delivering world class yachts for our customers. It is a privilege to lead the business whilst a permanent CEO is found.”
For the first time next June, commercial marine exhibition and conference Seawork will have a Super Yacht pavilion.
