Campari CEO leaves after only five months as sector struggles
Campari CEO quits just months after taking role
Predecessor to chair "leadership transition committee"
Shares fall further after weakness in recent months
Recasts paragraphs 3-5, adds investor comment in paragraphs 11-14; adds chart
By Valentina Za and Alberto Chiumento
MILAN, Sept 18 (Reuters) -Campari CPRI.MI 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 fell almost 6% before recovering some lost ground to stand just over 5% lower by 1130 GMT.
Fantacchiotti took on the role in April, succeeding Bob Kunze-Concewitz who had been at the helm since 2007 and was a familiar figure in the industry, widely respected by investors.
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.
Fantacchiotti previously served as Campari's managing director Asia Pacific before being promoted to deputy CEO last year as part of the succession process.
"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 a statement, adding it had been his decision to leave.
HARD ACT TO FOLLOW
Traders had last week cited comments by Fantacchiotti as driving a decline in Campari's share price after he told a financial conference that there was ongoing weakness in the spirits sector.
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.
Marco Scherer, a portfolio manager at Metzler Asset Management, said Fantacchiotti's departure raised questions and added more insecurity to an already struggling sector.
Fantacchiotti took over from a "superstar" CEO at a difficult time for the industry – a challenge exacerbated by small mis-steps such as last week's, Scherer said.
"This was an incredibly tough job to do and then little things added on top," he continued.
Metzler invested in Campari until earlier this year, when it sold its stake amid concerns about headwinds facing the spirits industry.
Campari's stock is down nearly 16% since the CEO's appointment in April.
While Europe's food and beverage sector .S600FOP gained 2.8% over the last five months, Campari's rival Pernod Ricard PERP.PA fell 11% and Diageo DGE.L 9%.
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.
Campari cited "temporary headwinds" including poor weather in parts of Europe at its first first-half earnings in July, warning that its ability to grow its gross margin this year would likely be impacted.
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.
Share price performance among spirits sector leaders https://reut.rs/3ZuTFlr
Additional reporting by Elisa Anzolin in Milan, Emma Rumney and Amanda Cooper in London; editing by Jason Neely and Keith Weir
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
