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Campari has named Simon Hunt as its new chief executive after Matteo Fantacchiotti abruptly resigned in September just six months into the job, sending shares in the Italian drinks brand up 4 per cent on Wednesday.
Since Fantacchiotti’s exit, Campari has been led on an interim basis by chief financial officer Paolo Marchesini and general counsel Fabio Di Fede.
Hunt, a London School of Economics graduate, has more than 30 years of experience in the spirits industry, starting with his career at Diageo, where he held various managerial positions including vice-president of Smirnoff global marketing. More recently, he was chief executive of whisky group William Grant & Sons between 2016 and 2020.
Over the past two years, the British-Australian national was chief executive of Catalyst Spirits, an incubator of spirits brands including handcrafted Kentucky bourbon Howler Head in which Campari retains a minority stake and the distribution rights.
Campari described Hunt as a “proven business leader with a strong track record in driving step-change performance and global brand building”, with particular expertise in its strategically key US market.
Hunt will take up the role on January 15 after receiving approval from Campari’s board of directors.
The appointment comes at a sensitive time for the spirits industry and Campari.
Individuals at the company said at the time of Fantacchiotti’s unexpected exit that it came after clashes with the board of directors, chaired by Luca Garavoglia, a member of the controlling Italian billionaire family. Campari said he had left for personal reasons.
In July, Campari missed half-year earnings expectations, attributing the result to “bad weather”. The group’s shares also fell sharply following an investor call on the US spirits industry on September 13, after the company made comments about weak demand in the sector.
Garavoglia said at the time the group’s growth prospects remained strong.
However, US president-elect Donald Trump’s threats to impose 25 per cent tariffs on all imports from Mexico to the US, including tequila, and China’s new 39 per cent levies on EU brandy pose threats to the Italian drinks maker whose brands include tequila Espolòn and Courvoisier Cognac.
It acquired the brand from US-Japanese spirits group Beam Suntory in 2023 in a deal valued at $1.32bn, marking Campari’s largest acquisition.
