Beverage maker Davide Campari-Milano NV said on Tuesday that longtime Chief Executive Officer Bob Kunze-Concewitz will retire effective in April of next year.
(Bloomberg) — Beverage maker Davide Campari-Milano NV said on Tuesday that longtime Chief Executive Officer Bob Kunze-Concewitz will retire effective in April of next year.
Matteo Fantacchiotti, the company’s managing director for the Asia-Pacific region, will take on the role of deputy CEO effective immediately to ensure a smooth handover. He’ll then succeed Kunze-Concewitz, who’s led the firm for 16 years, as CEO in April.
Campari shares fell as much as 6.1% in Milan on Tuesday, and were down 5.2% at 10:10 a.m. local time.
Under Kunze-Concewitz’s tenure, Campari has boosted and diversified its portfolio of brands beyond its eponymous aperitif. The CEO said in a interview with Bloomberg TV last year that Campari expects half its future growth to come via acquisitions.
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Campari last year bought US bourbon maker Wilderness Trail Distillery LLC, as the CEO signaled the importance of bourbon and American whiskey for further growth, overseeing 27 acquisitions since 2007 for an overall investment of €3 billion ($3.2 billion).
The share reaction to the CEO’s retirement “points to the market’s recognition of his impact on the business, growing aperitif bitters from a regional drink to a global phenomenon,” Jefferies analyst Edward Mundy wrote in a note.
(Updates with shares in third paragraph.)
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