Mike Lynch's yacht doomed by extreme wind, report finds
The 56-metre-long Bayesian was moored off the small port of Porticello, near Palermo, in August 2024 when it was likely hit by a very strong downward wind, killing Lynch, his daughter Hannah and five others, Britain's Marine Accident Investigations Branch says.
The investigation established that, when the yacht's retractable keel was in the raised position, wind speeds in excess of 117km/h on the beam were sufficient to knock Bayesian over.
It said it was possible the yacht was similarly vulnerable to winds of lower speed.
These vulnerabilities were not identified in the stability information book carried on board and were consequently unknown to either the owner or the crew of Bayesian.
"The findings indicate that the extreme wind experienced by Bayesian was sufficient to knock the yacht over," said Andrew Moll, Chief Inspector of Marine Accidents.
"Further, once the yacht had heeled beyond an angle of 70 degrees the situation was irrecoverable."
The report says a sudden increase in the wind speed caused the yacht to keel over to 90 degrees in less than 15 seconds.
Water came in over the starboard rails and within seconds entered the vessel down the stairwells, it says.
About 18 minutes later the yacht sunk in the 50 metre-deep sea.
The Bayesian was built in 2008 by Perini Navi, an Italian luxury yacht maker.
It featured the world's tallest aluminium mast, measuring 72 metres.
Giovanni Costantino, CEO of the Italian Sea Group, which owns Perini, said in August the yacht was "one of the safest boats in the world" and basically unsinkable.
The company did not provide an immediate comment on the UK report.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Age
an hour ago
- The Age
‘Wolf in cashmere': Billionaire's luxury empire is facing a crisis
LVMH's market value has fallen by more than a quarter over the past year, to less than €250 billion. Hermes, a luxury brand Arnault tried and failed to buy, and has eyed with envy ever since, has taken LVMH's crown as the most valuable company in the industry, despite generating only €15 billion in sales last year. Adding insult to injury, the Arnault family, which has topped France's rich list since 2017, has also been dethroned by the Hermes clan. Can Arnault turn the ship around? Loading LVMH can't blame the economic environment for all its woes. It raised prices enormously in the post-COVID 'revenge shopping' boom, irking some customers. The price of Louis Vuitton's Speedy 30 canvas tote bag has more than doubled since 2019, for example, while the average price of personal luxury goods in Europe has increased by just over 50 per cent, according to HSBC, a bank. Only a handful of designers, including Chanel and Gucci, have raised prices more. A series of scandals have also damaged the image of some of its brands. Moet Hennessy, LVMH's drinks division, has recently faced accusations of sexual harassment, bullying and unfair dismissal by former employees (which it denies). On July 14, an Italian court placed Loro Piana, an LVMH label that sells cashmere sweaters for more than $US1000 ($1500) a piece, under judicial administration for using suppliers that allegedly violate labour rights. Dior faced similar investigations last year. LVMH's response has been half-hearted: 'Transparency, control and management of this whole ecosystem can sometimes prove a bit difficult,' it said recently. Arnault is attempting to steer towards calmer waters. New bosses have been put in charge of the booze, watches and retailing units. The appointment of Jonathan Anderson as the new creative director of Dior has been cheered by fashionistas. Some investors, however, worry that the companies' problems are deeply rooted. One concern is that decades of pushing fancy clothing and accessories not just to the super-rich but also the merely well-off has made LVMH's brands more vulnerable to economic cycles and dented their image of exclusivity. Even Louis Vuitton, the company's crown jewel, has not been immune. Analysts at HSBC term the brand 'schizophrenic' for its attempt to peddle entry-level products like chocolate and make-up alongside ultra-pricey handbags and luggage. Loading The outlook for Moet Hennessy is more worrying still. As profits have shrunk, the division has announced thousands of job cuts. Analysts point out that young consumers aren't drinking as much as older generations, and when they do, they tend to shy away from spirits such as cognac, which make up a big chunk of LVMH's booze business. The wine and spirits division now contributes less than 10 per cent of LVMH's operating profits, down by roughly half over the past decade. By contrast, Hermes, which has remained focused on selling fashion to the exceedingly wealthy, has continued growing handsomely. Its market value as a multiple of its net profit is now more than twice as high as for LVMH. Brunello Cucinelli, another purveyor of ultra-luxe fashion, is valued at a similar multiple to Hermes. If Louis Vuitton were to be valued at such a multiple, it alone would be worth significantly more than the entirety of its parent company. That has led some to call for LVMH to break itself up. On July 25, reports emerged that it was exploring a sale of Marc Jacobs, a fashion label founded by a former creative director of Louis Vuitton. A bolder move would be jettisoning the troubled drinks business. Diageo, owner of tipples from Guinness to Johnny Walker, already controls a third of Moet Hennessy and has in the past expressed interest in taking the rest of it off LVMH's hands. The British company is currently grappling with its own slump in profits and recently parted ways with its chief executive, but analysts speculate that it could make a deal work by selling off its beer business at the same time. Arnault, aged 76, is navigating all this while making plans for a transition at the helm. He clearly intends to keep the enterprise under family management. All five of his children work in different corners of his empire under the tutelage of experienced executives. His daughter, Delphine, who has been tasked with turning around Dior, is his eldest and the only of his offspring on the executive committee of LVMH, making her the most likely candidate to succeed her father. Yet, there are other possibilities. In February, Alexandre was parachuted in as the deputy head of Moet Hennessy. In March Frederic was put in charge of Loro Piana.
The Advertiser
10 hours ago
- The Advertiser
Jaguar Land Rover CEO Mardell to retire at end of 2025
Adrian Mardell, CEO of Jaguar Land Rover (JLR), has decided to retire and leave the automaker after 35 years at the firm. A spokesperson confirmed the news to Autocar Professional India, and added, "His successor will be announced in due course". It's unclear right now whether the automaker's new CEO will come from inside the company, another automaker or supplier, or from outside the industry altogether. Mr Mardell became Jaguar Land Rover's interim CEO at the end of 2022 after his predecessor Thierry Bollore quit suddenly "for personal reasons" after just two years in the job. Mr Mardell signed a three year contract in the middle of 2023. CarExpert can save you thousands on a new car. Click here to get a great deal. Prior to becoming CEO, he worked largely on the financial side, was deputy chief financial officer (CFO) from 2008 before later adding chief transformation officer to his responsibilities, and then becoming CFO in 2019. During his relatively short time in charge, Mr Mardell trimmed the company's net debt to around zero, and brought the British automaker back into the black, with the company making a £1.8 billion ($3.7 billion) profit in the year to March 2025. The turnaround has come courtesy of strong sales from the Defender and Range Rover ranges, which have helped the firm achieve a strong profit margin of 8.5 per cent during the previous financial year. After taking control of JLR, Mr Mardell continued his predecessor's Reimagine plan to turn Jaguar into an Bentley-chasing EV-only brand, and introduce mild hybrid, plug-in hybrid and pure electric drivetrains to Land Rover models. In April 2023 he renamed the firm JLR, and split Land Rover into three new brands — Defender, Discovery and Range Rover — to sit alongside Jaguar. Despite the automaker's rosy-looking financials, there are storm clouds on the horizon. Tariffs, which have seemingly been rising and falling on a daily basis in the US, caused the manufacturer to pause shipments to one of its more important export markets. While many countries are now slapped with a 25 per cent or higher tariff, there's now an agreement with the UK, which sees the first 100,000 cars per year from Britain taxed at just 10 per cent. A deal with the EU for a 10 per cent tariff is nearly complete, which will come as a relief to JLR as the Defender is produced in Slovakia. On top of this, Jaguar's new brand identity and design direction, as previewed by the Type 00 concept, has garnered plenty of attention and caused much gnashing of teeth on the internet. With three production cars set to launch from 2026, it remains to be seen whether the marque's relaunch will be successful, both critically and financially. Mr Mardell's upcoming departure is the latest in a series of leadership upheavals in the automotive industry this year. In March, Volvo hired its former CEO Håkan Samuelsson to lead it once again, and in May, Stellantis ended its long search for a leader by promoting quality boss Antonio Filosa to the top job. More dramatically, in June, Renault CEO Luca de Meo quit to head up the luxury conglomerate behind Gucci. His replacement, procurement chief François Provost, was only confirmed a few days ago. MORE: Everything Land Rover Content originally sourced from: Adrian Mardell, CEO of Jaguar Land Rover (JLR), has decided to retire and leave the automaker after 35 years at the firm. A spokesperson confirmed the news to Autocar Professional India, and added, "His successor will be announced in due course". It's unclear right now whether the automaker's new CEO will come from inside the company, another automaker or supplier, or from outside the industry altogether. Mr Mardell became Jaguar Land Rover's interim CEO at the end of 2022 after his predecessor Thierry Bollore quit suddenly "for personal reasons" after just two years in the job. Mr Mardell signed a three year contract in the middle of 2023. CarExpert can save you thousands on a new car. Click here to get a great deal. Prior to becoming CEO, he worked largely on the financial side, was deputy chief financial officer (CFO) from 2008 before later adding chief transformation officer to his responsibilities, and then becoming CFO in 2019. During his relatively short time in charge, Mr Mardell trimmed the company's net debt to around zero, and brought the British automaker back into the black, with the company making a £1.8 billion ($3.7 billion) profit in the year to March 2025. The turnaround has come courtesy of strong sales from the Defender and Range Rover ranges, which have helped the firm achieve a strong profit margin of 8.5 per cent during the previous financial year. After taking control of JLR, Mr Mardell continued his predecessor's Reimagine plan to turn Jaguar into an Bentley-chasing EV-only brand, and introduce mild hybrid, plug-in hybrid and pure electric drivetrains to Land Rover models. In April 2023 he renamed the firm JLR, and split Land Rover into three new brands — Defender, Discovery and Range Rover — to sit alongside Jaguar. Despite the automaker's rosy-looking financials, there are storm clouds on the horizon. Tariffs, which have seemingly been rising and falling on a daily basis in the US, caused the manufacturer to pause shipments to one of its more important export markets. While many countries are now slapped with a 25 per cent or higher tariff, there's now an agreement with the UK, which sees the first 100,000 cars per year from Britain taxed at just 10 per cent. A deal with the EU for a 10 per cent tariff is nearly complete, which will come as a relief to JLR as the Defender is produced in Slovakia. On top of this, Jaguar's new brand identity and design direction, as previewed by the Type 00 concept, has garnered plenty of attention and caused much gnashing of teeth on the internet. With three production cars set to launch from 2026, it remains to be seen whether the marque's relaunch will be successful, both critically and financially. Mr Mardell's upcoming departure is the latest in a series of leadership upheavals in the automotive industry this year. In March, Volvo hired its former CEO Håkan Samuelsson to lead it once again, and in May, Stellantis ended its long search for a leader by promoting quality boss Antonio Filosa to the top job. More dramatically, in June, Renault CEO Luca de Meo quit to head up the luxury conglomerate behind Gucci. His replacement, procurement chief François Provost, was only confirmed a few days ago. MORE: Everything Land Rover Content originally sourced from: Adrian Mardell, CEO of Jaguar Land Rover (JLR), has decided to retire and leave the automaker after 35 years at the firm. A spokesperson confirmed the news to Autocar Professional India, and added, "His successor will be announced in due course". It's unclear right now whether the automaker's new CEO will come from inside the company, another automaker or supplier, or from outside the industry altogether. Mr Mardell became Jaguar Land Rover's interim CEO at the end of 2022 after his predecessor Thierry Bollore quit suddenly "for personal reasons" after just two years in the job. Mr Mardell signed a three year contract in the middle of 2023. CarExpert can save you thousands on a new car. Click here to get a great deal. Prior to becoming CEO, he worked largely on the financial side, was deputy chief financial officer (CFO) from 2008 before later adding chief transformation officer to his responsibilities, and then becoming CFO in 2019. During his relatively short time in charge, Mr Mardell trimmed the company's net debt to around zero, and brought the British automaker back into the black, with the company making a £1.8 billion ($3.7 billion) profit in the year to March 2025. The turnaround has come courtesy of strong sales from the Defender and Range Rover ranges, which have helped the firm achieve a strong profit margin of 8.5 per cent during the previous financial year. After taking control of JLR, Mr Mardell continued his predecessor's Reimagine plan to turn Jaguar into an Bentley-chasing EV-only brand, and introduce mild hybrid, plug-in hybrid and pure electric drivetrains to Land Rover models. In April 2023 he renamed the firm JLR, and split Land Rover into three new brands — Defender, Discovery and Range Rover — to sit alongside Jaguar. Despite the automaker's rosy-looking financials, there are storm clouds on the horizon. Tariffs, which have seemingly been rising and falling on a daily basis in the US, caused the manufacturer to pause shipments to one of its more important export markets. While many countries are now slapped with a 25 per cent or higher tariff, there's now an agreement with the UK, which sees the first 100,000 cars per year from Britain taxed at just 10 per cent. A deal with the EU for a 10 per cent tariff is nearly complete, which will come as a relief to JLR as the Defender is produced in Slovakia. On top of this, Jaguar's new brand identity and design direction, as previewed by the Type 00 concept, has garnered plenty of attention and caused much gnashing of teeth on the internet. With three production cars set to launch from 2026, it remains to be seen whether the marque's relaunch will be successful, both critically and financially. Mr Mardell's upcoming departure is the latest in a series of leadership upheavals in the automotive industry this year. In March, Volvo hired its former CEO Håkan Samuelsson to lead it once again, and in May, Stellantis ended its long search for a leader by promoting quality boss Antonio Filosa to the top job. More dramatically, in June, Renault CEO Luca de Meo quit to head up the luxury conglomerate behind Gucci. His replacement, procurement chief François Provost, was only confirmed a few days ago. MORE: Everything Land Rover Content originally sourced from: Adrian Mardell, CEO of Jaguar Land Rover (JLR), has decided to retire and leave the automaker after 35 years at the firm. A spokesperson confirmed the news to Autocar Professional India, and added, "His successor will be announced in due course". It's unclear right now whether the automaker's new CEO will come from inside the company, another automaker or supplier, or from outside the industry altogether. Mr Mardell became Jaguar Land Rover's interim CEO at the end of 2022 after his predecessor Thierry Bollore quit suddenly "for personal reasons" after just two years in the job. Mr Mardell signed a three year contract in the middle of 2023. CarExpert can save you thousands on a new car. Click here to get a great deal. Prior to becoming CEO, he worked largely on the financial side, was deputy chief financial officer (CFO) from 2008 before later adding chief transformation officer to his responsibilities, and then becoming CFO in 2019. During his relatively short time in charge, Mr Mardell trimmed the company's net debt to around zero, and brought the British automaker back into the black, with the company making a £1.8 billion ($3.7 billion) profit in the year to March 2025. The turnaround has come courtesy of strong sales from the Defender and Range Rover ranges, which have helped the firm achieve a strong profit margin of 8.5 per cent during the previous financial year. After taking control of JLR, Mr Mardell continued his predecessor's Reimagine plan to turn Jaguar into an Bentley-chasing EV-only brand, and introduce mild hybrid, plug-in hybrid and pure electric drivetrains to Land Rover models. In April 2023 he renamed the firm JLR, and split Land Rover into three new brands — Defender, Discovery and Range Rover — to sit alongside Jaguar. Despite the automaker's rosy-looking financials, there are storm clouds on the horizon. Tariffs, which have seemingly been rising and falling on a daily basis in the US, caused the manufacturer to pause shipments to one of its more important export markets. While many countries are now slapped with a 25 per cent or higher tariff, there's now an agreement with the UK, which sees the first 100,000 cars per year from Britain taxed at just 10 per cent. A deal with the EU for a 10 per cent tariff is nearly complete, which will come as a relief to JLR as the Defender is produced in Slovakia. On top of this, Jaguar's new brand identity and design direction, as previewed by the Type 00 concept, has garnered plenty of attention and caused much gnashing of teeth on the internet. With three production cars set to launch from 2026, it remains to be seen whether the marque's relaunch will be successful, both critically and financially. Mr Mardell's upcoming departure is the latest in a series of leadership upheavals in the automotive industry this year. In March, Volvo hired its former CEO Håkan Samuelsson to lead it once again, and in May, Stellantis ended its long search for a leader by promoting quality boss Antonio Filosa to the top job. More dramatically, in June, Renault CEO Luca de Meo quit to head up the luxury conglomerate behind Gucci. His replacement, procurement chief François Provost, was only confirmed a few days ago. MORE: Everything Land Rover Content originally sourced from:
7NEWS
11 hours ago
- 7NEWS
Jaguar Land Rover CEO Mardell to retire at end of 2025
Adrian Mardell, CEO of Jaguar Land Rover (JLR), has decided to retire and leave the automaker after 35 years at the firm. A spokesperson confirmed the news to Autocar Professional India, and added, 'His successor will be announced in due course'. It's unclear right now whether the automaker's new CEO will come from inside the company, another automaker or supplier, or from outside the industry altogether. Mr Mardell became Jaguar Land Rover's interim CEO at the end of 2022 after his predecessor Thierry Bollore quit suddenly 'for personal reasons' after just two years in the job. Mr Mardell signed a three year contract in the middle of 2023. CarExpert can save you thousands on a new car. Click here to get a great deal. Prior to becoming CEO, he worked largely on the financial side, was deputy chief financial officer (CFO) from 2008 before later adding chief transformation officer to his responsibilities, and then becoming CFO in 2019. During his relatively short time in charge, Mr Mardell trimmed the company's net debt to around zero, and brought the British automaker back into the black, with the company making a £1.8 billion ($3.7 billion) profit in the year to March 2025. The turnaround has come courtesy of strong sales from the Defender and Range Rover ranges, which have helped the firm achieve a strong profit margin of 8.5 per cent during the previous financial year. After taking control of JLR, Mr Mardell continued his predecessor's Reimagine plan to turn Jaguar into an Bentley-chasing EV-only brand, and introduce mild hybrid, plug-in hybrid and pure electric drivetrains to Land Rover models. In April 2023 he renamed the firm JLR, and split Land Rover into three new brands — Defender, Discovery and Range Rover — to sit alongside Jaguar. Despite the automaker's rosy-looking financials, there are storm clouds on the horizon. Tariffs, which have seemingly been rising and falling on a daily basis in the US, caused the manufacturer to pause shipments to one of its more important export markets. While many countries are now slapped with a 25 per cent or higher tariff, there's now an agreement with the UK, which sees the first 100,000 cars per year from Britain taxed at just 10 per cent. A deal with the EU for a 10 per cent tariff is nearly complete, which will come as a relief to JLR as the Defender is produced in Slovakia. On top of this, Jaguar's new brand identity and design direction, as previewed by the Type 00 concept, has garnered plenty of attention and caused much gnashing of teeth on the internet. With three production cars set to launch from 2026, it remains to be seen whether the marque's relaunch will be successful, both critically and financially. Mr Mardell's upcoming departure is the latest in a series of leadership upheavals in the automotive industry this year. In March, Volvo hired its former CEO Håkan Samuelsson to lead it once again, and in May, Stellantis ended its long search for a leader by promoting quality boss Antonio Filosa to the top job. . His replacement, procurement chief François Provost, was only confirmed a few days ago.
