By Valentina Za and Alberto Chiumento
Campari CEO Matteo Fantacchiotti abruptly quit on Wednesday after only five months in charge of the Italian spirits group, with the company citing personal reasons for his departure.
Shares in the Milanese company that makes the orange Aperol aperitif lost 4.9% by 0834 GMT, hit by the sudden departure.
Fantacchiotti had taken on the role in April, succeeding Bob Kunze-Concewitz who had been at the helm since 2007. Fantacchiotti previously served as Campari’s managing director Asia Pacific before being promoted to deputy CEO last year.
“It has been a privilege for me to be part of Campari Group for almost five years and to lead this organization since April 2024,” he said in statement.
“While I have now taken the decision to leave, I express my deepest gratitude to all stakeholders, particularly the chairman, the board of directors and the leadership team,” he added.
Campari shares had fallen 5.6% on Friday with traders citing comments by Fantacchiotti at a financial conference about the sector’s ongoing weakness. The shares lost a further 2.6% on Monday, for an overall drop of nearly 16% from his appointment in April up until Tuesday.
“The statement makes no mention of current trading performance or change to guidance, which we hope is reassuring … We understand from Campari that the statement contains all relevant information,” RBC said in a note.
In a note on Friday, Campari clarified that Fantacchiotti was speaking in general about the sector, especially trends in the U.S. market, with no specific reference to the group.
INTERIM LEADERSHIP
In presenting first-half earnings in July, Campari warned that its ability to grow its gross margin this year would likely be impacted by “some temporary headwinds” after poor weather in parts of Europe hit high-margin aperitifs.
Kunze-Concewitz will chair a leadership transition committee including Chief Financial and Operating Officer Paolo Marchesini and the group’s General Counsel and Business Development Officer Fabio Di Fede, who have been named interim co-CEOs.
The committee will scout for a new CEO both internally and externally, the group said.
Campari, whose main shareholder is the holding company of Italy’s Garavoglia family, said the financial terms of Fantacchiotti’s departure were still under discussion.
The group agreed last December to buy Courvoisier cognac in a $1.2 billion deal and its other brands include Espolon tequila and the Cinzano aperitifs.
Italian broker Akros said it did not see “significant strategic risks” for the company given “the solid leadership of the Garavoglia family, supported by historical managers such as the CFO and Kunze-Concewitz”.
While Europe’s food and beverage sector gained 2.8% over the last five months, Campari’s rival Pernod Ricard fell 11% and Diageo 9%.
