Paolo Vitelli, the esteemed founder and president of the Azimut | Benetti Group, died on December 31, 2022, at the age of 77 following a tragic domestic accident at his home in Ayas, Valle d'Aosta, Italy. Vitelli, known for his significant impact on the luxury yacht production industry, passed away after slipping and hitting his head against the concrete.
Born on October 4, 1947, in Turin, Vitelli demonstrated entrepreneurial spirit from a young age. During his university years studying Economics and Commerce, he founded Azimut in 1969, originally focusing on the trade and construction of leisure boats. Just six years later, he led the company to expand its offerings by designing its first motorboat, the AZ 43' Bali, which achieved notable success.
Vitelli's entrepreneurial vision came to full fruition when he acquired Benetti, Italy's historic yacht construction brand, in 1985, revitalizing it and turning the group, now known as Azimut | Benetti,into one of the largest producers of luxury yachts worldwide. The group manages six shipyards across Italy and one in Brazil, producing boats with lengths ranging from 9 to 110 meters, generating substantial production value. The current forecast for the nautical year 2023-2024 is approximately €1.3 billion, employing about 2,500 people.
Under his leadership, Azimut | Benetti became synonymous with quality and innovation, significantly impacting the international boating industry. Vitelli's philosophy of incorporating automotive production techniques yielded remarkable results, allowing efficient boat manufacturing processes. “We are a mountain boating company. The industrial area is our strong point. We have borrowed the production models from the automotive sector,” he once noted, showcasing his commitment to subsequent growth and excellence.
Vitelli was not just instrumental to the maritime industry; he also contributed to his local community by purchasing and restoring the historic Hotel Breithorn, built in 1903, and breathing new life to the Walser village of Marcognaz, transforming it today to attract luxury tourists. His dedication earned him the regional honor of "amis de la Vallée d'Aoste," recognizing his special efforts to promote and preserve local heritage.
Aside from his business ventures, Vitelli also ventured beyond the corporate world through his political involvement. He served as deputy of the Italian Republic from March 2013 to September 2015. He was elected with the Scelta Civica party led by Mario Monti, and he later expressed the importance of giving back to the community through such roles. "It was important for me to get involved and set an example," he stated during one of his speeches.
Paolo Vitelli’s sudden passing is felt deeply within the yachting community and among his employees, who viewed him as not just a leader but as inspiration. His legacy as a pioneer of the luxury yacht industry will surely be remembered. Not just a businessman, his heart for local development, innovation, and leadership marks him as one of the most impactful figures of his generation.
The yachting world has lost not only a brilliant entrepreneur but also a man passionate about transforming dreams of nautical elegance and luxury for countless enthusiasts worldwide. The Azimut | Benetti Group continues under the guidance of his daughter, Giovanna, who has vowed to carry on her father's legacy whilst steering the globally recognized brand toward new horizons.