Obituary: Paolo Vitelli, 1947-2024
Paolo Vitelli, founder of the Azimut-Benetti Group, passed away following an accident at his home in Val d'Aosta on 31 December 2024. Vitelli was born in Turin in 1947, and graduated with a degree in Economics and Business in 1970. While still a student, he used the proceeds of a nightclub venture to finance the start-up of Azimut, subcontracting the construction of "economical but reliable" boats.
One of the brands was Powles, and recognizing the talents of the British yard’s naval architect, Bernard Olesinski, Vitelli commissioned him to design the first Azimut, a 43, in 1974. Of elegant and modern design, it was built of fiberglass at a time when most Italian boatbuilders were still crafting their products in wood.
In the 1980s the Falalaika range were the first over-30m production boats built in fibreglass, and in 1985 Vitelli acquired the famous but ailing builder Benetti, with the intention of turning it into global brand entity, and opened a new yard in Avigliana.
The Azimut-Benetti became the world’s most prolific yacht builder, and has topped the Global Order Book since 2000. The Group presently has over 140 yachts on order or actively under construction at five yards across Italy (Avigliana, Savona, Viareggio, Livorno and Fano) and Itajaí in Brazil, with production ranging from 10m sports cruisers to custom superyachts over 100m.
Vitelli was always strongly focused on team-building. He always emphasized the importance of putting good managers in place, while ruefully acknowledging the difficulty he sometimes had in delegating. One of his most illustrious alumni, Massimo Perotti, regarded him as a mentor. In 2008, shortly after leaving Azimut to take control of Sanlorenzo, Perotti said, "I owe him everything.”
Vitelli often embraced technology proven in other sectors but new to yachting. Specifically, he was a big believer in diesel-electric propulsion, and educated clients about it. Subsequently, Benetti built its first diesel-electric yacht, the 213ft (65m) Ambrosia, in 2006. French designer François Zuretti worked with Vitelli alongside Stefano Nantucci on the project for Hong Kong businessman Ambrous Young, a project that "helped Vitelli to create the company we know now". Young was actively involved in the build. "It was really a very good team," said Zuretti. Young met the Azimut-Benetti president in the 90s and loved the yard so much that he bought a piece of it, investing heavily in new facilities and product design – resulting in a friendship that spanned decades.
Working with the late designer Stefano Righini, Vitelli launched a range of compact steel yachts under 40m called B.Yond. “Everyone was building bigger boats in fibreglass, so the idea of building a smaller boat in steel was not easy to accept,” said Vitelli in 2022. “In Greece, in Turkey, in the south of Italy or Sardinia, there are so many village harbours that big boats can’t access. Anything above 40m, you have to go to a properly organised marina.”
In 2002 Azimut-Benetti’s acquired the Italian boatbuilder Gobbi, thanks to the good offices of Carla Demaria, whom Vitelli brought in to manage the transition and launch the new Atlantis brand. Demaria was a veteran Azimut manager like Massimo Perotti, who not only worked for Vitelli for more than 20 years, but remains one of the prime movers in Italian yacht building. Within a few years she was headhunted by Beneteau to set up Monte Carlo Yachts, and is now CEO of Sanlorenzo’s Bluegame division.
Demaria was “deeply affected” by the sudden and unexpected death of the man for whom she first started working as a sales assistant back in 1985. “Before joining Azimut, I had never had any contact with the world of boating,” she told me. “Much of what I know today, I learned during the 22 years that followed.” This was a period of “extraordinary growth” for the company, she explained, during which she says she learned many important lessons from the man in charge. “But perhaps the most important one, which I still apply every day, is to never give up,” she added. “It is a lesson I strive to pass on to my colleagues as well.”
Vitelli introduced his daughter, Giovanna Vitelli, to the Group early on. After a career in law, she came onboard full-time and took over as Chair of the Azimut-Benetti Group in 2023. CEO of the Azimut-Benetti Group is Marco Valle, who started his career as an apprentice 28 years ago.
Valle describes Vitelli as "a mentor and visionary", saying that "the global yachting industry would not be what it is today without Paolo Vitelli's unparalleled contributions to the industry. He had the confidence to empower young talent, and the boldness to invest in cutting-edge technologies, visionary designers, and emerging companies— provided they shared the same commitment to shaping the future. Leaders across every dimension of the industry recognise him as an inspiring mentor. He was someone who never stopped exploring new horizons. Azimut-Benetti will continue to evolve, steadfastly guided by his legacy and values, and forever inspired by his extraordinary vision."
Today, Azimut builds yachts ranging from 13-44m across the Atlantis, Verve, Fly, S, Seadeck and Grande series. Benetti builds superyachts from 34-108m across the Class, Motopanfilo, Oasis, B.Yond, B.Now, B.Century, B.Loft and Custom families. Azimut-Benetti’s diversification and investments have included the construction of new marinas in Italy (Varazze, Viareggio and Livorno), Malta (La Valletta) and Russia (Moscow). In 2004, Azimut-Benetti bought into Fraser and acquired 100 per cent ownership by 2017 before selling the brokerage house to US distributor MarineMax in 2019.
In 1997, the President of Italy awarded Vitelli the title of Cavaliere del Lavoro “for having distinguished himself singularly in the shipbuilding industry”. From 1998-2006, Vitelli was President of UCINA (now Confindustria Nautica). He received the ‘Campione della Crescita’ (‘Champions of Growth’) prize for heading the leading Italian company in terms of growth, innovation and globalisation from 2001-2006.
Vitelli was Honorary Consul for Norway from 1974-2018 and a member of the Italian Parliament from 2013-2015.