Why do they all resign so quickly ?

It seems that the "superyacht crisis" hits hard the Italian yachting industry as many CEO had to resign. Here is a short list of the latest resignations...

Mr Ermetto
Gruppo Baglietto informs that Fabio Ermetto, Marketing and Commercial Director has resigned from his duties. Gruppo Baglietto would like to thank Fabio Ermetto for his commitment to date.

Mr Pisciotta
Gruppo Baglietto, world leader in luxury yachts over 27 metre, informs you that Francesco Pisciotta, General Manager of Cantieri Navali Baglietto, resigns from his duties as of Friday 31st October 2008.
Maurizio Cei, Cantieri Navali Baglietto Chief Executive Officer will take over his position.
Gruppo Baglietto would like to thank Francesco Pisciotta for his commitment to date.

Mr Cannatelli
Ferretti group, a world leader within the sphere of designing, building and marketing luxury motoryachts, which encompasses nine of the most exclusive and prestigious brands in the nautical world (Ferretti Yachts, Pershing, Itama, Bertram, Riva, Apreamare, Mochi Craft, CRN and Custom Line), announces that Vincenzo Cannatelli has relinquished his powers as Chief Executive Officer of Ferretti S.p.A. and has resigned from the position of director of the subsidiaries effective immediately, while continuing to serve as member of the Board of Directors of Ferretti S.p.A. until the General Shareholders’ Meeting that will approve the financial statements for the year ending 31 August 2008. This decision, taken in full agreement with the Board of Directors of Ferretti S.p.A., takes account of the extension of the timetable for a potential IPO, given the financial market crisis and, consequently, the need to allow the Company to lay out an organizational structure that is more consistent with the current market conditions. Norberto Ferretti continues to serve as the Group’s Chairman and Chief Executive Officer, Ferruccio Rossi has been confirmed as the Group’s General Manager, and Mauro Moretti, the Group’s CFO, will receive broader operating powers.