Tisg: CEO Costantino resigns. The board of directors is dissolved
The board will continue to serve on an interim basis until 10 September. Both the company’s founder and his son Gianmaria have stepped down from their posts.
The top management of the luxury yachting company The Italian Sea Group are stepping down; the firm has been experiencing difficulties for several months due to cost overruns on the majority of its current projects. Giovanni Costantino, chairman of the board of directors and chief executive officer, as well as founder of the shipyard, and board member Gianmaria Costantino (his son), a non-executive director, have resigned from their posts at TISG, which is listed on Euronext Milan and has, in recent weeks, entered into an arrangement with its creditors.
The resignations have led, as explained in a statement, to the dissolution of the entire board of directors, as the majority of directors appointed by the general meeting are no longer in post. The company’s board of directors, the statement continues, ‘will continue to operate on a caretaker basis until the new board is appointed, in order to ensure continuity and the continuation of the restructuring process’. This caretaker period will last until 10 September. The board, it is specified, will be convened as soon as possible in order to resolve to convene the general meeting of shareholders for the appointment of the new board.
As at the date of the resignation, the statement clarifies, ‘the Chairman and Chief Executive Officer, Giovanni Costantino, indirectly holds, through GC Holding, a company controlled by him, a 53.604 per cent stake in the company’s share capital, corresponding to 28.41 million ordinary shares. Director Gianmaria Costantino holds no stake, either directly or indirectly, in the company.”
The resigning directors, the text states, “‘having done everything possible to tackle the crisis and bring the company to its current stage of the restructuring process, have concluded that the continuation of this process can now be facilitated by a change in governance, which is likely to strengthen stakeholders’ confidence and ensure continuity and the best possible satisfaction of creditors’’.
It should also be noted that the ‘resigning directors did not raise any comments, objections or disputes regarding facts or circumstances that influenced their decision to resign from office, other than those indicated above, nor did they express any disagreement with the resolutions adopted by the company’s board of directors’.
