Campari CEO Matteo Fantacchiotti resigns surprisingly just five months after taking office

Bad news for Campari. The CEO of the Italian spirits group, Matteo Fantacchiotti, resigned on Wednesday “for personal reasons”just five months after taking up the role, the company announced. Previously managing director of Asia Pacific, he took over the group in April, succeeding Bob Kunze-Concewitz who remained on the group’s board as a non-executive member after a 16-year term.

The surprise announcement immediately sent the share price plummeting, dropping 6.28 percent to 7.068 euros on the Milan Stock Exchange shortly before 10:00 a.m. (0800 GMT). Mr. Fantacchiotti had mentioned at a conference with investors on Friday the “weakness” of the spirits industry, which also caused the stock to plummet. Campari was quick to point out that it had commented “general trends in the sector” in the United States, without reference to the “specific performances” of Campari.

Reassure about the future

“Our growth ambition remains very strong. We have a solid future ahead of us”thanks to “our global presence and, in particular, our unique portfolio of brands”assured Luca Garavoglia, chairman of the board of directors of Campari, on Wednesday after having “regretted” Mr. Fantacchiotti’s departure. Bob Kunze-Concewitz will chair a transition committee including CFO Paolo Marchesini and Group Business Development Director Fabio Di Fede, who have been appointed interim co-CEOs. This committee, in collaboration with the Remuneration and Nominations Committee, will be responsible for selecting the future CEO, Campari said in a statement.

Founded in 1860, Campari has been on an acquisition spree since 1995, transforming itself into a multinational present in more than 190 markets, with a portfolio now including more than fifty brands. Campari had completed in May the acquisition of the famous French cognac brand Courvoisier for 1.08 billion euros, the largest transaction in its history.