Bob Kunze-Concewitz, chief executive Campari 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 recently said.
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.
Under Kunze-Concewitz, Campari roughly tripled its net sales and profitability, investing around €3 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.
First Half Results
In July, Campari posted a 14.2% rise in like-for-like revenues in the first half of this year and confirmed its margin target for the year but its shares slid on some disappointment over the figures.
Sales growth for the maker of Aperol and Campari bitters slowed down in the second quarter compared to the first three months this year, which had benefitted from some temporary effects.
News by Reuters edited by Donna Ahern, Checkout. For more drinks stories click here. Click subscribe to sign up for the Checkout print edition..