We appear to be in a phase of senior leadership renewal in beverage alcohol at the moment. CEO changes at Beam Suntory, Carlsberg, Diageo and Stoli Group have been announced already this year. Also joining the ranks this week is Campari Group, where Bob Kunze-Concewitz has confirmed his plans to step down in early 2024.
‘Transformative’ doesn’t come close to describing Kunze-Concewitz’s nearly 17 years at the helm. Indeed, since becoming CEO in 2007 – having spent the two years prior as group CMO – he’s overseen a slew of brand acquisitions that have altered Campari Group’s makeup beyond recognition.
From Wild Turkey and Espolon Tequila in 2009 to Appleton Estate three years later and Grand Marnier seven years ago [not to mention Bulldog gin, American whiskey Wilderness Trail and Howler Head flavoured Bourbon], the company’s ‘Italian-ness’ has been diluted massively. And yet, Campari Group’s headline-grabber – and main sales driver – not only pre-dates Kunze-Concewitz but also revels in its Italian provenance.
Since joining the portfolio in 2003, Aperol has gone on to achieve great things, including accounting for just over a quarter of group sales and, most impressively, seeing its Aperol Spritz bar call become a staple in the consumers’ lexicon.
Can Kunze-Concewitz claim credit for the aperitif boom of recent years? Maybe not as much as he can claim credit for the ticks on Campari Group’s shopping list – and there are a lot of them.
The deciding factor on whether his tenure has been a success or not is in the shareholders’ response to this week’s announcement. As one investment analyst wrote on Wednesday [13 Sept]: “The negative share price reaction to the news that CEO Bob Kunze-Concewitz will retire points to the market’s recognition of his impact on the business, growing aperitif bitters from a regional drink to a global phenomenon, as well as the broader geographical and category transformation at Campari over the past 15 years.”
Then, there is the shape that he is leaving the group in. A spate of background moves in recent years regarding shareholder structure and voting rights has put Campari Group on an even firmer acquisitive footing than previously - and that's going some. Today, there's a bulging war chest in place that has set speculator's tongues wagging about which similarly-sized spirits peer - Edrington? Rémy Cointreau? William Grant & Sons? - the company has in its sights next.
It's a pity Kunze-Concewitz won't be at the wheel for that particular trolley dash. After all, with a legacy like his, it would make for some great headlines.
