Giovanni Costantino Returns as The Italian Sea Group CEO as Board Resets Timetable

Costantino resumes the chief executive role at The Italian Sea Group

The Italian Sea Group has reappointed founder Giovanni Costantino as chief executive officer following the first meeting of its newly elected board on 9 October 2026. The decision reverses a leadership change that began in July, when Costantino resigned as chairman and CEO during a period of significant financial pressure and restructuring at the Marina di Carrara-based yacht builder.

The company's official market disclosure confirms that the new board, chaired by Saverio Schiavone, granted Costantino executive powers within the limits and authorisations applicable to the legal proceedings pending before the Court of Florence. His return is a governance decision; it does not mean the financial reorganisation has been completed or that the court process has ended.

New directors begin a term extending to the 2028 accounts

The board was appointed at the ordinary shareholders' meeting of 30 September and held its first meeting nine days later. The directors are expected to remain in office until the approval of the financial statements for the year ending 31 December 2028. The group has named Saverio Schiavone as chair, with a separation between that role and Costantino's position as CEO.

Costantino was also designated the director responsible for the internal control and risk-management system. That assignment matters in a business where large bespoke yacht projects can involve long construction schedules, substantial advance payments, complex subcontracting and variations in cost. It places an explicit executive responsibility around control processes, though the announcement does not describe new internal systems as already operational.

Committees are given formal oversight duties

The board established a Control, Risk and Sustainability Committee chaired by Sabrina Bruno, with Massimo Mallegni and Gabriella Covino as members. It will also handle related-party transactions, with the company's announcement stating that only the independent directors Bruno and Mallegni will sit for transactions of greater significance. A separate Nomination and Remuneration Committee has the same three members and the same chair.

The statement additionally assigns Mallegni advisory duties relating to institutional and industrial relations without executive authority or additional pay. Enrico Filippi continues as board secretary. Chief financial officer Fabio Zanobini was confirmed as the manager responsible for preparing financial reports after a favourable opinion from the board of statutory auditors.

October offers now feed into a November reporting decision

The Italian Sea Group moved the meeting to approve its consolidated half-year financial report from 16 October to 3 November 2026. The company says the postponement will allow an adequate assessment of binding investor offers, which are expected by 19 October. The dates define the next disclosed milestones in the financial process but do not establish that any offer will ultimately be accepted.

Interested owners, employees and suppliers should distinguish a bidding deadline from an investment closing. Proposals can be subject to further investigation, creditor considerations and legal approval. Likewise, a revised financial reporting date gives the board additional time to consider information but does not itself resolve any uncertainty around the order book or future capital structure.

The July resignation explains why the appointment matters

Costantino and fellow director Gianmaria Costantino resigned their board posts on 20 July, triggering the departure of the then board under the company's governance rules. In its July statement, the group described continuity arrangements while shareholders prepared to appoint directors. The new board's formation closes that particular governance gap but leaves the underlying industrial and financial questions subject to further decisions.

Since March the builder has been involved in a formal crisis-resolution process. Company disclosures have described protective measures, a competitive search for investors and revised timing for restructuring documents. The new board operates within that context. For readers assessing financial risk, the correct reference points are formal regulatory filings and any subsequent court decisions, not unauthorised assumptions about the outcome.

Several major superyacht brands are affected

The Italian Sea Group builds and refits large motor yachts and sailing yachts through brands including Admiral, Tecnomar, Perini Navi and Picchiotti, with NCA Refit providing technical services for large yachts. Its role across several shipbuilding markets means that governance and financial decisions may be watched closely by owners commissioning vessels, project managers and businesses supplying specialist components.

A long-range superyacht newbuild may have hundreds of contractual interfaces involving naval architecture, electrical equipment, propulsion, custom interior work and other suppliers. Changes to payment timing or project programming can have consequences beyond the shipyard's direct workforce. That is why stable governance, credible production information and clear contractual communication are important, irrespective of who holds the chief executive title.

What owners and suppliers can reasonably conclude

The October announcement confirms who is authorised to lead the group and establishes the board committees responsible for oversight. It does not provide a new vessel-by-vessel delivery schedule, a total value of accepted investments or a guarantee concerning subcontractor payments. Owners and commercial counterparties should request written project-specific information through their normal contractual representatives rather than infer operational progress from the leadership change alone.

Independent due diligence remains advisable when exposure is material. Yacht owners may seek clarity on build milestones, title arrangements, security instruments, certification and the location and condition of equipment ordered for their projects. Suppliers have their own credit-control and retention-of-title considerations. The board appointment is a relevant development, but these practical matters still require individual confirmation.

The next official updates will be decisive

The nearest scheduled milestones are the 19 October deadline for binding offers and the 3 November board meeting to approve the interim accounts. Any material outcome should be checked against the company's regulated market statements. Superyacht Guide will treat those future events as separate news only once the results have been officially disclosed.

For the wider industry, the reappointment is significant because it places the group's founder back in charge at a particularly sensitive moment for Italian superyacht construction. The next measure of progress will not be the announcement of a name, but evidence that the corporate process, financial reporting, production and contractual commitments can be managed transparently and consistently.