At a press conference this morning on board S/Y Kokomo at the Monaco Yacht Show, Fraser Yachts announced major changes within the company's senior management team, with the departure of Marketing Director Patrick Coote and CEO Hein Velema.

Fabio Ermetto, the newly appointed chairman of Fraser Yachts - Yachtique, part of the Azimut Benetti Group, who joined on 1 July this year, provided details of some of the reorganisation. "The shareholders would like to set a new course," he said. He announced the departure of previous CEO of Fraser Yachts, Hein Velema, which Ermetto assured would be formally issued as a press release soon. Ermetto thanked Velema, who is not present at the show, for his hard work for the company through "tough times".

Next, Ermetto announced the departure of Marketing Director Patrick Coote, effective today:

Fraser Yachts' outgoing marketing director Patrick Coote with the Chairman of Fraser Yachts - Yachtique, Fabio Ermetto at the Monaco Yacht Show.

"Unfortunately Patrick Coote is leaving our team," he said. "This has nothing to do with the reorganisation, but has been a decision taken by Patrick on his own. We'd like to thank Patrick for everything he has done for the company in the last couple of years."

When asked where he would be moving, Coote coyly said: "I will be joining a shipyard. If you want to find out which one, head over to one of the main tents at three o'clock. I can't say more than that for now." is set to attend a press conference for German yard Blohm+Voss at this time, which may give a clue, but no doubt more will be revealed as the day goes on.

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