Ferretti (HKG:9638) said a number of resolutions put forth by its substantial shareholder KKCG Maritime narrowly failed to secure majority support at the company's annual meeting, according to a Friday filing with the Hong Kong bourse.
The Czech investment group, which recently ended a tender offer to bump its stake in the Italian yacht maker, had previously objected to the company's board and said it planned to nominate a slate of "individuals of high credibility and accomplished backgrounds."
KKCG Maritime's slate of directors, led by Karel Komarek, received 47.44% of the votes, versus 52.31% for those nominated by Ferretti International Holding.
As a result, all candidates proposed by FIH were elected to the board, except Marina Berlinghieri, who was replaced by Katarina Kohlmayer from the list submitted by KKCG Maritime.
Prior to the elections, Piero Ferrari and Stefano Domenicali resigned from the company's board, citing differences with the firm.
In his resignation letter, Ferrari expressed "frustration and disappointment" over what he witnessed in the past weeks and alleged that "various entities close to a faction" were impeding substantive discussion and vote.
Meanwhile, Domenicali similarly cited the events of the past weeks to allege that the firm fell short of meeting its governance standards.
Ferrari and Domenicali were the only directors who had recommended to shareholders that they accept KKCG Maritime's tender offer to acquire shares for cash.
KKCG Maritime previously said that despite using 'Ferretti' in its corporate name, FIH did not represent Ferretti S.p.A. and was instead aligned with the Weichai Group, a Chinese state-owned enterprise that makes luxury vehicles.