Tim Mondavi to Step Down as Vice Chairman
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Robert Mondavi Corp. announced that founder Robert Mondavi’s son Tim is stepping down as vice chairman and winegrower.
Tim Mondavi will remain as consulting winegrower and as a member of the Napa, Calif.-based company’s board. Company executives say his departure is unrelated to the resignation Monday of brother R. Michael Mondavi.
Tim Mondavi also said he was forming an investor group and would be exploring opportunities with his family, which could indicate a possible bid for the company’s luxury wine business, which is for sale.
Mondavi shares fell 35 cents to $39.05 on Nasdaq.
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