Campari at over 4-year lows after unexpected CEO departure
** Shares in Campari CPRI.MI fall around 5% to their lowest price since July 2020 as CEO Matteo Fantacchiotti resigned for personal reasons after five months in the role
** Campari appointed finance chief and COO Paolo Marchesini and Fabio Di Fede, its General Counsel and Business Development Officer, as interim co-CEOs
** "The resignation of the CEO had not been expected, in our view, especially given Mr Fantacchiotti had taken up the position of CEO in April 2024," J.P.Morgan says
** Broker expects shares to be under pressure, also pointing to lack of reassurance on the state of current performance amid Nielsen data showing continued worsening of growth in the U.S.
** "The idea that comes across is that there is confusion in the company about governance," a local trader says
** Including Wednesday's drop the Aperol-maker stock has dropped 30% YTD
Reporting by Romolo Tosiani, Giancarlo Navach
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