Campari chief executive Bob Kunze-Concewitz, who has helped to revitalise the Aperol aperitif during his 16 years in charge of the Italian spirits group, will step down in April 2024, the company said in a statement.
Matteo Fantacchiotti, currently managing director Asia Pacific, has been appointed deputy CEO and will become the new chief executive from next April.
Campari shares fell as much as 5% after the management change was announced.
Fantacchiotti has been in his current role with Campari since 2020 and previously worked for Nestlé, Diageo and Carlsberg.
Bob Kunze-Concewitz
Under Kunze-Concewitz, Campari roughly tripled its net sales and profitability, investing around €3 billion ($3.21 billion) on acquisitions over the period. Sales of Aperol have increased by 12 times since 2007 and it has become the group's largest brand.
"The very strong health of our brands and our robust organisation now allow me to retire to pursue my personal passions and enjoy family life to the fullest," he said in a statement.
Kunze-Concewitz will remain on the board as a non-executive director.
Luca Garavoglia, Campari group chair, stated, "During his tenure, Bob led our company to achieve incredible results, making Campari Group a jewel of the spirits industry. His great passion and dedication were also instrumental to create a global team of uniquely talented Camparistas, and he leaves Campari Group in a perfect position to unlock future growth opportunities.
"In this long-planned transition, together with the board I am now pleased to see the baton pass to Matteo, a leader with great experience in the spirits industry, who will be able to continue the path that Campari Group has had so far, in continuity with our proven growth strategy."
Article by Reuters, additional reporting by ESM.
