There is no peace for Campari. The headline, which yesterday had recovered from some of its recent losses in the wake of the news of the acquisition of a minority stake in Capevin Holdings Proprietary Limited, starts today’s sitting in deep red: -6.44% half an hour from the opening of the negotiations because of news coming from the spirits company. Matteo Fantacchiotti, the company announces that he has resigned just 5 months after his appointment. 

In a press release dated 18 September, "Davide Campari Milano N.V. announces the resignation of Matteo Fantacchiotti as managing director and member of the board of directors with effect from today, for personal reasons".

"The Board of Directors, continues the note, has decided to appoint Paolo Marchesini, chief financial and operating officer, and Fabio Di Fede, general counsel and business development officer), as interim co-ceos and executive members of a Leadership transition committee, The Board of Directors will be chaired by Bob Kunze-Concewitz, a non-executive director. This committee, together with the Remuneration and Appointments Committee, will also be responsible for identifying a new ceo to be proposed to the board of directors after evaluating internal and external candidates according to best governance practices".

"At the same time, adds the official communiqué, Jean-Marie Laborde, currently a member of the board of directors of Davide Campari-Milano N.V. and a member of the committee for control, risks and sustainability, has been appointed vice-president".

"It has been a privilege for me to be part of the Campari group for almost five years and to lead this organization since April 2024 -comments the ad-resigning-. Although I have made the decision to leave, I express my deepest gratitude to all stakeholders, in particular the president, the board and the leadership team".

After expressing his regret at the decision, Luca Garavoglia said: "Our ambition to grow remains very strong. We have a very solid future ahead of us thanks to our strong organization, our global footprint and especially our unique portfolio, composed of some of the most appreciated brands in the alcohol industry and powered by a team of committed professionals. In line with the past, we will continue to focus on building our brands to continue generating profitable growth and outperforming the industry over the long term, as we have done since our IPO in 2001".

As of the date of his resignation, Fantacchiotti holds 2,988 shares in the company. "Following the resignation of a member of the board of directors, continues the note, Fantacchiotti and the company have agreed to proceed with the termination of the current employment relationship. The economic terms of this resolution are yet to be defined and formalised".

At this point, a real chapter opens successions, since the resigning director was to take over from the current ceo, Robert Kunze-Concewitz who, in september 2023, had expressed his intention to retire after 18 years in the company replaced, from April 15, 2024 by Fantacchiotti.