The Italian Sea Group faces a complete board dissolution after CEO Giovanni Costantino and his son resigned amid ongoing financial turmoil.
Dramatic leadership changes have hit The Italian Sea Group (TISG) following the sudden resignations of longtime Chair and CEO Giovanni Costantino and his son & board member Gianmaria Costantino. The resignations take effect pursuant to Article 2385 of the Italian Civil Code.
The departures have triggered a domino effect, resulting in the dissolution of the company’s entire Board of Directors. Under Article 14.2 of TISG’s articles of incorporation, read alongside Article 2386, paragraph 3, of the Italian Civil Code, the board collapses automatically as the majority of shareholder-appointed directors are no longer in office.The existing board will remain in place on an interim basis until a new board is formally appointed. This arrangement ensures the business can maintain operational continuity and proceed with its current corporate restructuring process.
The departure of the Costantino family comes during a turbulent period for the renowned Italian yard. The Italian Sea Group has been grappling with ongoing financial difficulties and is currently subject to an overspending probe into its financial management and budget overruns.
