ITALY – Matteo Fantacchiotti has stepped down as the CEO of Italy-based spirits major Campari Group after just five months in the role.
Fantacchiotti, who had been promoted to the position in April 2024 from his previous role as managing director of the company’s Asia-Pacific division, cited “personal reasons” for his departure.
Campari announced that its chief financial and operating officer, Paolo Marchesini, and general counsel and business development officer, Fabio Di Fede, will serve as interim co-CEOs.
The two will also become executive members of a leadership transition committee, which will be chaired by Bob Kunze-Concewitz, Campari’s former CEO and now non-executive director.
According to the Aperol maker, the transition team will be tasked with identifying a permanent replacement for Fantacchiotti.
In a statement, Fantacchiotti expressed his gratitude to the company and its stakeholders.
“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. While I have now taken the decision to leave, I express my deepest gratitude to all stakeholders, particularly the Chairman, the board of directors and the leadership team,” he said.
The news of Fantacchiotti’s departure comes shortly after Campari confirmed its acquisition of a minority stake in Capevin Holdings Proprietary, the parent company of Bunnahabhain distiller CVH Spirits.
Campari’s chairman, Luca Garavoglia, addressed the company’s future amidst the leadership transition, stressing the group’s strong growth potential.
“Our growth ambition remains very strong. We have a very solid future ahead thanks to our robust organization, our global footprint, and particularly our unique portfolio made of some of the most admired brands in the spirits industry, nurtured by a committed team of professionals.”
In its financial results for the first half of 2024, Campari reported net sales of €1.52 billion (US$1.69bn), a 3.8 percent increase on an organic basis, and 4.5 percent on a consolidated basis.
Despite a 10.7 percent drop in sales in the Asia-Pacific region, the company experienced growth in the US market, where sales rose 3.5 percent to €423.8m (US$471.6M), driven by key brands such as Espolòn, Aperol, and Grand Marnier.
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