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Campari CEO resigns after five months, citing personal reasons

Shares in the Milan-based spirits group, known for Aperol, dropped nearly 6% before recovering slightly to trade 5% lower by midday.

Fantacchiotti, who became CEO in April, replaced Bob Kunze-Concewitz, a long-serving leader highly regarded by investors. Campari has now set up a leadership transition committee, led by Kunze-Concewitz, which includes chief financial and operating officer Paolo Marchesini and general counsel Fabio Di Fede. The two executives will serve as interim co-CEOs while the committee seeks a permanent replacement.

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In a statement, Fantacchiotti said, “It has been a privilege for me to be part of Campari Group for almost five years and to lead this organisation since April 2024,” adding that the decision to leave was his own.

Fantacchiotti had previously held roles as MD for Asia Pacific and later as deputy CEO as part of the succession plan. His brief tenure saw the company’s shares drop by nearly 16% since his appointment, as the spirits sector continues to face challenges.

Marco Scherer, portfolio manager at Metzler Asset Management, noted that the departure adds uncertainty to an already difficult market. “This was an incredibly tough job to do, and then little things added on top,” he said, referencing a recent comment from Fantacchiotti about weakness in the spirits sector that had led to a decline in Campari's stock.

In separate news, Campari Group completed the acquisition of a 14.6% minority stake in Capevin Holdings, a South African company that owns 100% of CVH Spirits Limited. The purchase, valued at £69.6m, was funded through available cash. Campari holds distribution rights for CVH Spirits’ portfolio, which includes several whisky brands, in France and South Korea.

• Campari
• aperol
• Bob Kunze-Concewitz
• Matteo Fantacchiotti