Sunseeker CEO Frabetti stands down

Sunseeker is a UK-based luxury yacht and superyacht builder.

Sunseeker CEO Andrea Frabetti has stepped down with immediate effect “by mutual agreement”, the UK yacht builder said in a statement.

Scott Millar of Teneo Financial Advisory will take over as interim CEO.

 Frabetti has been at the helm since July 2019, having joined the company as chief technical officer the year before.

In November, Sunseeker secured fresh capital investment from Cheyne Capital and Cross Ocean Partners.

“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 in a statement. “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.”

 Frabetti added: “It has been an honour to lead at Sunseeker International during what has been a pivotal time for the business and the wider sector. 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.”