Having been one of the original founders of the leading UK luxury yacht shipyard Princess Yachts in 1965, David King is to stand down as Chairman at the end of August. Citing his wish for new minds to lead the company forward, Mr King will remain a director and concentrate mainly on new yacht design as well as development, an area in which he has always been actively involved.

David King

After a period of consultation, the Princess board of Directors has appointed Philippe Mellier as its new Chairman.

Mr  Mellier is the CEO of The De Beers Group, the world’s leading diamond company, and was previously the Executive Vice President at Alstom s.a., the world’s leading high-speed train producer. Prior to this, Mr Mellier worked in the automotive sector, holding senior and board-level positions within Ford, Renault and the Volvo Group. He brings to the role uniquely useful experience in high-quality, performance-focused product manufacturing, marketing and sales.

A French national, domiciled in the UK, Mr Mellier will continue as CEO of The De Beers Group and serve in a non-executive capacity at Princess.

Princess Yachts’ Managing Director, Chris Gates, said, “David King is and always will be a part of Princess. He has been a magnificent servant to this Company and the wider British boatbuilding industry. This change of roles will allow us to strengthen and grow the business while still benefiting from David’s unmatched experience and skill in designing the best motor yachts in the world. We look forward to welcoming Philippe into the Princess family and benefitting from the vast experience he brings from the luxury goods and high-performance manufacturing sectors.”

In a statement to the Princess workforce and wider family, David King said, “It has been an incredible journey since 1965. I could not have conceived of the growth and success we have achieved over the years, success that is entirely due to the wonderful people that work here and our Distributors around the world.”

“From our humble beginnings we have become a world-leading company respected across the international boatbuilding sector and one that enjoys secure ownership and management.”

“It has been my privilege and pleasure to work alongside you all and I look forward to working with you still, in my role focusing on product development.”