Following a restructuring and refinancing, the longtime CEO of Sunseeker has departed. Replacing Andrea Frabetti (above) is Scott Millar, on an interim basis.
According to statements, Millar’s tenure is effective on December 8. He’s the senior managing director and head of corporate restructuring advisory for Teneo Financial. The company is a global CEO advisory firm with dealings in insolvency, business transformation, mergers and acquisitions, and more.
Teneo became the receiver for Sunseeker Investments, an indirect parent company of Sunseeker, last month. It was part of a capital-injection plan executed by two lenders, specifically Cheyne Capital and Cross Ocean Partners. In media interviews over the summer, Frabetti mentioned Sunseeker was experiencing financial challenges from tariffs. Simultaneously, an overall global slowdown for production boats was having an impact. Both of these factors led to layoffs.
In November, Frabetti informed the trade publication Marine Industry News that he would be departing the boatbuilder. A Sunseeker spokesperson confirmed the statement, further telling Marine Industry News, “Our investors remain confident in Sunseeker International” and pointing to the capital investment as securing the future. “Together, we continue to execute our business strategy and invest in new product development, including the superyacht strategy,” the spokesperson added.
Sunseeker’s current investors have been in place since In late 2024. Sunseeker sold to two private-equity firms, namely Lionheart Capital and Orienta Capital Partners. Lionheart Capital is an American company, while Orienta is an Italian company. Together, they acquired the 92-percent stake that Dalian Wanda Group, a Chinese real-estate and hospitality firm, purchased in 2013.
Frabetti joined Sunseeker in January 2019 as its chief technical officer. Within five months, however, he took over as CEO. This followed the resignation of then-CEO Christian Marti. Under Frabetti, Sunseeker doubled its model offerings, to 22, between 2019 and 2021. “It has been an honor to lead at Sunseeker International during what has been a pivotal time for the business and the wider sector,” Frabetti says. “I leave the business in safe hands and look forward to seeing its continued success.”
Millar has nearly three decades of experience advising and leading luxury brands, including in the auto industry and yachting. He .credits Frabetti for “his commitment and dedication to Sunseeker, and his personal support to me in taking on interim leadership.” Furthermore, he credits “an outstanding team of people and a supply chain focused on building and delivering world-class yachts for our customers.”
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