Campari: share falls as CEO quits

(CercleFinance.com) - On Wednesday Campari announced the departure of its Managing Director Matteo Fantacchiotti, who had only been in office since April, an unexpected decision that sent its share price down almost 5% on the Milan stock exchange.


The Italian wine and spirits group justifies the departure of its number one for 'personal reasons', without providing any further details.

We believe that he left by choice, unlike what happened recently at Nestlé, where the CEO was dismissed by the board of directors, RBC analysts reacted.

The press release makes no mention of current business performance or a change in outlook, which we hope will be reassuring, the Canadian broker adds.

Campari announced that it had appointed Paolo Marchesini, the current CFO and COO, and Fabio Di Fede, the Development Director, as co-CEOs on an interim basis.

A committee has also been formed with the aim of identifying Matteo Fantacchiotti's successor, considering both internal and external candidates.


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