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.
It says it remains focused on its strategy to fulfil its global order book and invest in new product development, including a move back into superyachts.
Millar has more than 27 years of experience with luxury brands, including in the automotive and yacht sectors. He is senior managing director of Teneo and head of the Global Corporate Transformation practice.
“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,” he said 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.”
Sunseeker recently appointed Mark Chinery as sales director and Mario Gornati as marketing and communications director.
At this year’s Cannes Yachting Festival, Sunseeker announced a new 40m superyacht line.
In June, Sunseeker said it planned to restructure its business with the loss of about 200 jobs in response to a “softening global demand” caused by economic and political uncertainty in the world.
It said it must “remain attuned to market dynamics” and planned to reorganise its support, leadership and management functions to “streamline operations and focus resources where they will have the greatest strategic impact”.
In November 2024, Sunseeker was fined more than £350,000 after breaking import laws for exotic timber such as teak.
