Campari CEO Steps Down in Less Than 6 Months, Prompting a 6% Drop in Company’s Shares

The CEO of Campari, Matteo Fantacchiotti, has stepped down abruptly after less than half a year in his position, prompting a notable 6% drop in the company’s shares on Wednesday morning. Campari, headquartered in Milan, attributed the departure to personal reasons, as Fantacchiotti had only assumed the role in April.

Having joined the spirits giant in 2020, Fantacchiotti brought with him experience from industry heavyweights like Carlsberg and Diageo. He succeeded Bob Kunze-Concewitz, who led Campari for 16 years, overseeing the company’s growth through 27 acquisitions.

Following the news, Campari announced that its Chief Financial Officer, Paolo Marchesini, and General Counsel, Fabio Di Fede, would jointly take over as interim co-CEOs. Meanwhile, Kunze-Concewitz was tasked with leading a leadership transition committee. The company’s shares saw a decline of 5.8% in early trading that same day.

Fantacchiotti’s sudden departure follows the company’s underwhelming half-year earnings report in July, which did not meet expectations, a shortfall the company attributed to adverse weather conditions. More recently, a sharp drop in shares occurred after a discussion on the U.S. spirits industry on September 13, during which Campari addressed weak demand trends. The company later clarified that these comments were not reflective of its own performance but indicated that softness in the market had persisted longer than anticipated.

Luca Garavoglia, Campari’s chair and a member of the founding family, emphasized the company’s strong growth ambitions and expressed confidence in the group’s structure and product portfolio. The brand boasts iconic names such as Skyy Vodka, Aperol, Wild Turkey, and Grand Marnier.

In 2022, Campari made its largest acquisition to date, purchasing Courvoisier Cognac from Beam Suntory for $1.32 billion. This deal occurred amid slowing consumer demand in the cognac market. At the time, Kunze-Concewitz downplayed concerns, stating that the slump was temporary and that the brand’s medium- to long-term outlook remained optimistic.

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