Sunseeker quashes CEO Frabetti exit reports
Sunseeker is a UK-based luxury yacht and superyacht builder.
Sunseeker has sought to quash rumours boss Andrea Frabetti is to leave the company after six years with a statement saying he “remains the CEO”.
The UK yacht builder, which recently received private investment, says Frabetti is on “a pre-arranged period of leave”.
It adds that the company is operating “as usual” under the management of the senior leadership team.
When asked, Sunseeker would not confirm whether Frabetti’s tenure as CEO is just a technicality for the time being or whether his position is unaffected.
“Our investors remain confident in Sunseeker International and we recently secured fresh capital investment from Cheyne Capital and Cross Ocean Partners, providing the platform for our long-term future success,” it added in a statement released to selected outlets.
“Together, we continue to execute our business strategy and invest in new product development including the Superyacht strategy.”
Sunseeker’s recent funding demonstrates the lenders’ “continued confidence” in the business, said the company in a statement earlier this month.
“This new financing will help to strengthen our financial position and support our ongoing operations,” said Frabetti at the time.
“Our focus remains on our existing strategy to ensure the future growth of the business and on continuing to deliver world-class yachts to our customers.”
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.
