Crimson Wine Group CEO departs

[caption id="attachment_91046" align="alignleft" width="320"] Erle Martin had been president and CEO for seven years.[/caption]

NAPA -- Crimson Wine Group, whose brands include Pine Ridge and Seghesio, said Erle Martin, president and CEO since 2007, left the company.

In a brief regulatory filling, Chief Financial and Operating Officer Patrick DeLong said Mr. Martin was no longer in the top executive role and left the company Monday. Mr. DeLong was named interim president and CEO.

"Effective November 3, 2014 Erle Martin is no longer an employee of Crimson Wine Group, Ltd. (the “Company”) and as a result is no longer President and Chief Executive Officer of the Company. The Board of Directors is immediately commencing a search to fill the President and Chief Executive Officer positions."

Mr. Martin joined the company in August 2007 after 11 years as president of Francis Ford Coppola Presents, preceded by eight years as the head of Young's Market Company's fine wine wholesaling business in California.

[caption id="attachment_101988" align="alignright" width="200"] Pat DeLong has been CFO and COO of Crimson since 2007 and will lead the company while a replacement is sought.[/caption]

He is on the boards of directors for Sonoma State University's Wine Business Institute and San Francisco-based trade group Wine Institute.

Mr. DeLong, 49, came to Crimson in July 2007 and was involved in Crimson's acquisitions of Chamisal Vineyards and Seghesio Family Vineyards, according to the statement.

Previously, he was senior vice president and chief financial officer for Icon Estates when it was Constellation Brands' Napa-based fine-wine division with $400 million a year in sales.

Crimson (Bulletin Board: CWGL) spun off from New York-based Leucadia National Corp. with a $14.1 million capital infusion in February 2013.

In September, Crimson launched Luminary, a novel proprietary blend of wine from the company's 700-plus acres of vines in Washington and California. The wine retails for $45 a bottle, and 2,300 cases were made.

On Oct. 28, the company closed the purchase of Montafi Ranch Vineyard in Russian River Valley northwest of Santa Rosa from Silverado Sonoma Vineyard, LLC, for $2.6 million in cash. The 24-acre vineyard has 13 acres of zinfandel vines planted in 1916, fruit set to be used for Seghesio's "old vine" zin wines. Silverado Premium Properties & Silverado Winegrowers is owned by TIAA-CREF, a retirement fund for educators.

"This is another arrow in the quiver in regard to our commitment to old-vine zin in Sonoma County," Mr. Martin told the Business Journal on Oct. 29. "Opportunities like this don't present themselves that often."

Crimson owns about 300 acres of vines in Sonoma County.

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