Stassi Anastassov has been at the helm of the Ferretti Group for less than three months. He was appointed CEO following a bitter shareholder dispute over the group’s leadership. And he is the first to admit that he had never heard of the Ferretti Group, nor did he have any real experience in the boating world—beyond having a daughter who happens to be a world champion in multihull sailing—when members of the Ferretti Group’s board approached him to offer him the position of CEO.
So… I have to admit I was pretty skeptical when I sat down to talk with the smiling former CEO of Duracell. In fact, I didn’t plan it that way, but my first question came out as if I were channeling Trent Crimm, the sharp-tongued reporter from the Apple TV series *Ted Lasso*.
I had never heard of the Ferretti Group until recently, and now you’re the CEO. How did that happen?
I wasn’t looking for a job. At first, they called me to do some consulting, because I had spent a good decade in investment banking and private equity after leaving my position as CEO of Duracell. I had advised on many different projects, providing guidance on purely financial matters as well as acting as an operational partner, helping to lead and turn around companies.
And when the board asked me to become CEO, I said to myself, “Why not?” I love brands. I love business portfolios. And, above all, I’m passionate about business models.
What appeals to you about the Ferretti Group’s business model?
I love that we can stay true to the heritage of our brands. And we don’t have to make any compromises. With brands like Riva, Itama, Wally, Pershing, Custom Line, Ferretti, and CRN, we have a unique brand for almost every market segment.
Take Riva, for example. It generates around 400 million euros a year. I believe Riva could become a one-billion-euro-a-year brand on its own. Riva can expand its model lineup. Riva can even branch out into other luxury goods. I’m reviewing our entire portfolio and looking for ways to maximize the potential of all seven brands.
I know it’s only been a few months, but what are you working on for the future?
I’m very open to opportunities to grow revenue. However, I’m also very realistic about the challenges. Every business must strike a balance between capacity and complexity to align with our business model.
People have asked me what changes I plan to make now that I’ve arrived. But the truth is, we already have an extraordinary strategy and business model. My intention is to focus on improving execution and consistency. It sounds boring, but I can tell you one thing: execution is the key to any business, and it’s far from boring.
All right. So now I’m a lot less skeptical. In fact, after reading the letter Anastassov sent to all Ferretti Group employees before the summer break, which says: “So let me be clear about our ambition. We’re going to build the largest luxury yacht company the world has ever seen. And we’re going to do it with the people who are reading this.”
Every yacht that leaves our shipyards becomes a part of someone’s life. Honeymoons. Birthdays. Family summers that children will still remember when they’re sixty. Grandparents teaching their grandchildren to swim from the swim platform. We don’t just manufacture fiberglass and steel. We build the places where people experience the best days of their lives. That’s what luxury really is, and that’s why every hour we devote to it matters so much.
Think about the people who transformed an industry in the course of a single career. Toyota demonstrated that quality is a way of working, not an inspection at the end of the process. Enzo Ferrari turned engineering into excitement. Steve Jobs made technology disappear. Jeff Bezos made waiting unacceptable. Elon Musk proved that an entire industry was wrong.”
Could he become the Steve Jobs of the boating industry?
Stay tuned to find out. The fall boat shows are just around the corner.
