MILAN, Sept 12 Reuters Campari39;s CEO Bob KunzeConcewitz, who has helped to revitalise its Aperol aperitif during his 16 years in charge, will step down next April, the Italian spirits group said on Tuesday.

Matteo Fantacchiotti, who is currently Campari39;s managing director Asia Pacific, has been appointed as deputy CEO and will become the new chief executive from next April.

Shares in Campari fell by more than 5 in Milan after the departure of KunzeConcewitz, who is 56, was announced.

The piece of news comes as totally unexpected, the timing in particular, and is a negative one for the equity story, since Mr Kunze Concewitz boasted a strong reputation in the market and a longstanding experience at Campari, Mediobanca analysts said.

Fantacchiotti, 51, has been in his current role since 2020 and previously worked for Nestle, Diageo and Carlsberg.

With an internal successor already announced, we expect continuity with the organic growth strategy, with perhaps a greater emphasis on Asia, Jefferies analysts said.

The management transition makes a transformational deal less likely in the immediate term for Campari, which is controlled by Italy39;s Garavoglia family, the Jefferies analysts added.

Earlier this year Campari39;s CEO told Reuters that, under a loyalty scheme, the majority shareholder had increased its voting rights, giving the group more flexibility to make a larger deal, with 20 billion euros of firepower.

Under KunzeConcewitz, Campari roughly…