Two senior executives at The Italian Sea Group SpA, the luxury yacht maker that built British technology mogul Mike Lynch’s vessel before its sinking off the coast of Sicily, have resigned.
Board Chairman Filippo Menchelli and Chief Financial Officer Marco Carniani are leaving the company, according to a statement released Friday. The executive director, Giovanni Costantino, will assume the role of chairman of the board.
TISG controls the Perini Navi brand, which built Bayesian, which sank in 2024 during a storm, killing seven people, including the British businessman. The company had previously denied responsibility for the construction of the yacht, saying it was built by Perini Navi’s former management.
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Still, TISG has struggled in recent years, with shares plunging more than 70% since the start of 2025. Shares extended losses on Friday, falling 8.4% in Milan. That same evening, the company also announced the resignation of Laura Angela Tadini as a board member. In a statement, Tadini stated that a “difference of opinions” between her and the rest of the board was the reason for her resignation.
Last week, the Tuscany-based company announced it was taking out a €25 million ($29.5 million) loan from its majority shareholder, GC Holding SpA, due to budget overruns, and that it would begin an independent audit of its operations.
Recent management changes suggest that Costantino is strengthening his control over the company. He also controls GC Holding, which owns 54% of TISG.
Giorgio Armani SpA is another major shareholder in the yacht maker, with a stake of almost 5%, according to the company’s website. Belgian businessman Marc Coucke, through his investment vehicle Alychlo NV, holds 11.4%.
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