Michael Mondavi Leaves Board of Winemaker

Board member and former Chairman and Chief Executive R. Michael Mondavi has severed his last connection to Robert Mondavi Corp., the company founded by his father.

In a letter to current Chairman Ted Hall, Michael Mondavi gave up his board seat. Mondavi said he strongly objected to the board’s plan to sell the landmark Robert Mondavi Winery in Oakville, Calif., and other high-end wine assets to raise funds to invest in its everyday Woodbridge label and other inexpensive wine brands.

Mondavi’s brother Tim and his sister Marcia Mondavi Borger remain on the board, though they also voted against the plan.

Separately, the company disclosed in a state filing that it was laying off 360 employees, most of them at its flagship winery in the Napa Valley.

Shares of Napa, Calif.-based Mondavi fell 79 cents to $39.70 on Nasdaq.

-- Jerry Hirsch