(Bloomberg) -- The resignation of Davide Campari NV’s chief executive officer after only five months at the helm ends an unrewarding period for investors in the Italian maker of Aperol.
Prior to Wednesday’s slide on news of Matteo Fantacchiotti’s exit, the shares had lost 15% since he started the job in April. That compares with an annual return of 11% over the 17-year tenure of predecessor Bob Kunze-Concewitz, and one of 29% under Enzo Visone, who served as CEO from 2004 to 2007, according to data compiled by Bloomberg.
Morgan Stanley analysts aren’t optimistic of any imminent improvement in the stock’s performance.
“We see limited catalysts to re-rate the shares from here,” Rashad Kawan and Sarah Simon wrote in a note. Most investors are likely to wait for a permanent leadership team to be announced “before gaining more conviction on any investment case,” they said.
Campari’s board named Chief Financial Officer Paolo Marchesini and Fabio Di Fede, general counsel and business development officer, as interim co-CEOs, while Kunze-Concewitz will chair a leadership transition committee.
Campari shares traded down 5.3% as of midday in Milan, hitting the lowest intraday level in more than four years.
--With assistance from Lisa Pham.
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