Stassi Anastassov Ferretti Group Global CEO

Ferretti Group

Stassi Anastassov has been CEO of the Ferretti Group for less than three months. He was appointed CEO as the result of a contentious boardroom proxy fight over the leadership of the group. And he’s the first to admit that he’d never heard of the Ferretti Group, or had any real yachting experience (apart from having a daughter who happens to be world champion multihull sailor) when members of the Ferretti Group board approached him about possibly taking over as CEO.

So… I must admit, I was pretty skeptical when I sat down to chat with the smiling ex-CEO of Duracell. In fact, I didn’t plan it this way, but my first question came out like I was channeling Trent Crimm (the hard-hitting reporter from the Ted Lasso series on Apple TV).

BS: “You’d never even heard of the Ferretti Group only a short while ago and now you’re the CEO. How’d that happen?”

SA: I wasn’t looking for a job. I was called in to consult at first because I spent a good 10 years in investment banking and private equity after I left my role as CEO of Duracell. I’d consulted many different projects both giving advice on the pure economics, but also being an operating partner helping to run and how to revive the companies.

And when the board wanted me to be CEO I said to myself, “Why not. I love brands. I love portfolios. And most importantly, I’m in love with business models.”

BS: What do you like about the Ferretti Group business model?

SA: I love that we can stay pure to the heritage of our brands. And we don't need to make compromises. With brands like Riva, Itama, Wally, Pershing, Custom Line, Ferretti and CRN we have a unique brand for almost every area of the market.

Take Riva for instance. It brings in around 400 million Euros per year. I think Riva can be a one billion Euro per year brand all by itself. Riva can carry more models. Riva can even expand into other luxury items. I'm looking at our entire portfolio and ways to maximize all seven brands.

BS: I know it’s only been a few months but what are you working on for the future?

SA: And I'm very open for opportunities to grow revenue. However, I'm also very realistic about the downsides. Every business must strike the balance between capabilities and complexity to deliver on our business model.

I’ve been asked what changes I’m going to make since I got here. But the truth is we already have an amazing strategy and amazing business model. I intend to focus on improving execution and consistency. It sounds boring, but I can tell you one thing. Execution is the key to every single business and it's far from boring.

Ok. So, I’m a way less skeptical now. In fact, after reading the letter Anastassov sent to all Ferretti Group employees before the annual summer break that says:

“So let me be clear about the ambition. We are going to build the greatest luxury yacht company the world has ever seen. And we are going to do it with the people who are reading this.

Every yacht that leaves our yards becomes part of somebody’s life. Honeymoons. Birthdays. Family summers that children still remember when they are sixty. Grandparents teaching grandchildren to swim off the bathing platform. We do not manufacture fiberglass and steel. We build the places where people have the best days of their lives. That is what luxury actually is, and it is why every hour we spend well matters.

Think about the people who changed an industry in a single working life. Toyota proved that quality is a way of working, not an inspection at the end. Enzo Ferrari turned engineering into emotion. Steve Jobs made technology disappear. Jeff Bezos made waiting unacceptable. Elon Musk proved an entire industry wrong”

Could he turn out to be the Steve Jobs of the yachting industry?

Stay tuned to find out. The fall boat shows are just around the corner.