Campari head steps down after less than six months in charge

18th Sep 2024 09:01

(Sharecast News) - The chief executive of Italy's Davide Campari-Milano has resigned, it was announced on Wednesday, less than six months after he took up the role.

The drinks group, best known for its Aperol and Campari aperitifs, said Matteo Fantacchiotti was resigning with immediate effect due to personal reasons.

The news weighed on the shares, and by 0945 BST they were trading 4% lower, having recovered partially from earlier losses.

Formerly the firm's Asia-Pacific managing director, Fantacchiotti was appointed in April. He replaced former incumbent Bob Kunze-Concewitz, 57, who retired after 16 years at the helm.

Chief financial officer Paolo Marchesini and general counsel Fabio Di Fede have been named both interim chief executives and executive members of a leadership transition committee.

Led by Kunze-Concewitz, who is now a non-executive director, the committee will look for a permanent replacement for Fantacchiotti, alongside the remuneration and appointment committees.

Fantacchiotti, who has been with Campari for nearly five years, said it had been a "privilege" to lead the business.

Luca Garavoglia, chair since 1994, said: "Our growth ambition remains very strong. We have a very solid future ahead thanks to our robust organisation, global footprint and our unique portfolio."

Milan-based Campari, which was founded in 1860, owns a host of premium drinks brands, including Courvoisier, Wild Turkey bourbon and Skyy vodka, as well as its flagship aperitifs. It went public in 2001, but remains controlled by the billionaire Garavoglia family.