(Bloomberg) -- Davide Campari-Milano NV named industry veteran Simon Hunt as its new chief executive officer following the abrupt departure of Matteo Fantacchiotti after just a few months at the helm.
Hunt has more than 30 years of experience in the spirits industry across the world, notably in the key US market, the Italian beverages group said in a statement Wednesday.
Campari shares rose as much as 5.5% in Milan trading, giving the company a market value of about €7.5 billion ($7.8 billion). Since the beginning of the year, Campari has lost over 40%.
Hunt, who will start in January, succeeds interim co-CEOs Paolo Marchesini and Fabio Di Fede.
The nomination caps a chaotic period at the company after Fantacchiotti left amid a sector downturn and changing consumer habits.
“This appointment can be positively received by the market both because it resolves an element of uncertainty in the equity story, and because of the standing of the new manager’s professional background,” Equita SIM analyst Paola Carboni wrote in a note to clients.
Campari, whose brands include Aperol, Wild Turkey and Courvoisier, will now again look to a seasoned manager to lead the firm, after longtime CEO Bob Kunze-Concewitz retired earlier this year.
Hunt began his career at Diageo, holding positions including vice president of Smirnoff global marketing. He joined Allied Domecq as senior vice president of global innovation and executive vice president of marketing North America, before moving to Pernod Ricard, according to the statement.
Following a period of expansion through mergers and acquisition, Campari has begun a reorganization of its products into four “houses of brands,” while setting out a raft of cost-cutting measures.
The global spirits industry has been reeling due to shifts in weather conditions and consumer habits, and with the effect of tariffs on trade.
The crucial US market has been particularly tough, with Americans cutting back on premium beverages. Courvoisier competes with LVMH’s Hennessy and Remy Cointreau’s Remy Martin in the US.
--With assistance from Jamie Nimmo, Alberto Brambilla and Flavia Rotondi.
(Updates with shares in fourth paragraph, reorganization in ninth.)
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