Maritimo: Managing director Tom Barry-Cotter resigns from Gold Coast boat builder

Tom Barry-Cotter says he’s quit marine giant Maritimo because the firm founded by his dad was going “in a direction” he was “not comfortable with”. Read both their views on his exit

Tom Barry-Cotter. Picture by Richard Gosling

Tom Barry-Cotter says he’s walked away from boat building giant Maritimo because the company founded by his father was going “in a direction” he was “not comfortable with”.

In a sensational twist on Thursday afternoon, Mr Barry-Cotter revealed he had read about his own resignation as managing director while overseas before he had actually had a chance to submit it.

In a letter to friends, he said he had not been told a statement about his exit from the company he took charge of just two years ago had even been released.

“I am away overseas, and was not made aware of any statement being released today.

“I read the news before having actually sent in my resignation. However my resignation has since been submitted.

“After long and careful consideration I have made the unfortunate decision to resign from my role as Managing Director, and leave Maritimo.

Bill Barry-Cotter with his son Tom Barry-Cotter. Picture Glenn Hampson

“I leave Maritimo in a position of strength, with record profits, robust forward orders, enhanced customer satisfaction and much positive change in recent years.”

Mr Barry-Cotter said it was “very unfortunate” to have to quit.

“However ownership wished to take the company in a direction I was not comfortable with,” he said.

“Unfortunately after weeks of trying to negotiate a different course, it has not reached an outcome where I am comfortable to remain at Maritimo.

“I remain incredibly energised and committed to contributing my knowledge, skills and passion to the marine industry and I look forward to the opportunities that are ahead for me.”

The sensational development came just hours after the company issued a brief three-sentence statement on Thursday afternoon revealing Mr Barry-Cotter had “elected to step down” as managing director.

At the same time his father, Maritimo owner Bill Barry-Cotter, will resume his former position as “active chairman”, the statement said.

“It is business as usual as we continue to craft our world-renowned motor luxury yachts for our valued customers across the globe,” the statement reads.

The younger Mr Barry-Cotter became managing director in 2022 and last year launched its largest ever boats – the 75-foot M75 Flybridge and S75 Sedan – at the Sanctuary Cove International Boat show.

He led the company through one of its strongest periods when, thanks to pandemic-era border closures, boat sales skyrocketed.

When asked why Tom Barry-Cotter had stood down, a Maritimo spokesperson said he “hasn’t been there since Christmas”.

“I don’t know if you have seen how tough these guys work but he was working 24-7 there (during Covid and leading up to the 75-footer launches) - he’s been building boats, there is new production, had to negotiate the tough times of Covid. So it’s bit of downtime for Tom.”

Maritimo was not actively recruiting to replace Barry-Cotter Junior, the spokeperson said.

“It’s full steam ahead and Bill is back at the helm, not that he ever left - there is saltwater in his veins,” the spokesperson said.

Bill Barry-Cotter said it was “sad to see Tom go”.

“He has been under a lot of pressure and he was looking for a break,” he said.

“Hopefully he will be back in the future.”

Bill Barry-Cotter, who also founded rival Gold Coast boat builder Riviera which is now run by Rodney Longhurst, has had a 60-year career in the boat building industry.

It is understood he is nearing his 80th birthday.

It is not the first time Tom Barry-Cotter has parted ways with Maritimo - back in 2013, he and Bill’s stepson Luke Durman started up their own sports yacht brand Elandra.

By 2016 Maritimo had bought the company back under its own umbrella, with a tight-lipped Bill at the time saying: “We bought the assets, as simple as that.”

Recently, Maritmo - which has a rich history racing power boats and in the past two years sailing in the Sydney to Hobart yacht race - continued its expansion as an exporter with a deal appointing Dubai Power Boats as its exclusive dealer in the Middle East.

Dubai Power Boats will be their dealer in the Gulf Cooperation Council (GCC) regions, including United Arab Emirates, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.