Italian boatbuilder, the Ferretti Group, has announced that Italo Valenti is to be the group’s new chief financial officer. His appointment is part of a wider project to grow and develop the group on a worldwide level, by further reinforcing the managerial structure.

Italo Valenti, 49, graduated in economics from Bocconi University in Milan. His career path included roles of increasing responsibility in major multinationals such as ABB and Beretta, before taking on the role of chief financial officer at Ferrari in 2009.

Valenti will report directly to Ferruccio Rossi, chief executive officer of the Ferretti Group.

Ferruccio Rossi, group CEO, stated: “The appointment of Italo Valenti, who will bring his valuable experience in Ferrari to the ‘Ferrari of the seas’, Ferretti Group, is part of our project to further strengthen our organisational and managerial structure which began when the Weichai Group came in as shareholder. Thanks to his proven experience in major multinationals, I am sure that Valenti will make a significant contribution in this important phase for the growth of our company and for our future projects.”