Luca Cordero di Montezemolo, an independent director on the Davide Campari board, has handed in his resignation to the Italian company.

In a statement the wine and spirits group said that it had reluctantly accepted the move.

"This decision is motivated by the new system of corporate governance adopted by the Fiat Group, of which Mr Cordero di Montezemolo is chairman, and takes into account that Mr Luca Garavoglia, chairman of Campari Group, sits on Fiat's board of directors," a statement explained.

Garavoglia commented: "I wish to express to Luca Cordero di Montezemolo, on behalf of Campari's Board of Directors and myself, the greatest appreciation and thanks for his continued intelligent and active contribution, which enriched our company and the quality of our board of directors."