Italian spirits group Campari has nominated Simon Hunt to take over the role of chief executive officer.
He will replace Matteo Fantacchiotti, who resigned in September after just five months in the role.
At the time, the spirits group cited personal reasons for Fantacchiotti’s sudden departure.
Following the announcement, Campari's shares were up 4.8% in morning trading.
A Milan-based trader said that the appointment met market expectations, as Hunt has experience specifically in the US market, where the company wants to grow.
Citi analysts said of the appointment, "(It is) positive news that the group has appointed someone with a broad range of experience who will be able to take a fresh and unbiased look at the Campari business."
Hunt, who is an Australian and British citizen, has spent 14 years at spirits producer William Grant & Sons.
He also has over 30 years of experience in the premium and luxury spirits industry, Campari said.
Hunt will succeed the company’s two interim co-CEO’s – chief financial and operating officer Paolo Marchesini and chief legal and M&A officer Fabio Di Fede – the company said in a note.
Referring to Hunt, the chairman of Campari Luca Garavoglia said, “His proven and extensive industry experience and leadership in building and scaling premium and luxury brands on a global scale will be instrumental as he leads Campari Group through its next phase of growth.”
Campari will vote on Hunt’s proposed appointment on 15 January during an ad hoc shareholder meeting.
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