The chief executive of Campari Matteo Fantacchiotti abruptly stepped down on Wednesday after just five months heading the company.
The Italian spirits group cited personal reasons for Fantacchiotti’s sudden departure.
Shares in the Milan-based company that makes the orange Aperol aperitif fell nearly 6% in early trading following the shock announcement.
Fantacchiotti took on the role in April, succeeding Bob Kunze-Concewitz who had been at the helm since 2007.
Fantacchiotti was previously Campari’s managing director Asia Pacific before his promotion to deputy CEO last year.
RBC said in a note, “The statement makes no mention of current trading performance or change to guidance, which we hope is reassuring… We understand from Campari that the statement contains all relevant information.”
Campari shares had fallen 5.6% on Friday with traders citing comments by Fantacchiotti at a financial conference about the sector’s ongoing weakness.
The shares lost a further 2.6% on Monday, for an overall drop of nearly 16% from his appointment in April up until Tuesday.
Kunze-Concewitz will chair a leadership transition committee including chief financial and operating officer Paolo Marchesini, as well as the group’s General Counsel and business development officer Fabio Di Fede, who have been named interim co-CEOs.
Campari, whose main shareholder is the holding company of Italy’s Garavoglia family, said the financial terms of Fantacchiotti’s departure were still under discussion.
While Europe’s food and beverage sector gained 2.8% over the last five months, Campari’s rival Pernod Ricard fell 11% and Diageo 9%.
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