On July 20, 2023, Crimson Wine Group, Ltd. announced that Karen Diepholz, the Company?s Chief Financial Officer and principal accounting officer, resigned from her position with the Company on July 19, 2023, effective immediately. On July 19, 2023, the Board of Directors of the Company (the ?Board?) appointed Kimberly Benson as interim Chief Financial Officer and interim principal accounting officer of the Company, effective as of July 19, 2023. Ms. Benson, age 38, has served as the Company?s Vice President of Finance since March 2019.
Prior to joining the Company, Ms. Benson held senior finance positions from February 2014 until March 2019 at Vintage Wine Estates, most recently as Vice President of Finance, where she oversaw all finance and accounting functions, including strategic planning, capital management, and acquisitions. Ms. Benson received a Bachelor of Science in Managerial Economics from the University of California, Davis, and an M.B.A. in Wine Business from Sonoma State University. There are no arrangements or understandings between Ms. Benson and any other person in connection with her appointment In connection with Ms. Benson?s appointment as interim Chief Financial Officer of the Company, the Board revised Ms. Benson?s compensation such that she will receive an annual base salary of $250,000, be eligible for a bonus equal to $35,000 in addition to her regular bonus opportunity for calendar year 2023, and be entitled to receive as severance an amount equal to three months of her base salary in the event a new Chief Financial Officer of the Company is appointed and her employment with the Company is separated within 12 months of such person?s appointment.
Crimson Wine Group, Ltd. owns and operates a collection of luxury wine brands from seven estate-based, boutique wineries located in the finest wine-growing regions of California, Oregon and Washington. It has two segments: Wholesale and Direct to Consumer. Wholesale segment includes sales through a third party where prices are given at a wholesale rate. Direct to Consumer segment includes retail sales in the tasting room, remote sites and on-site events, wine club net sales, direct phone sales, and other sales made directly to the consumer without the use of an intermediary. It, through its wholly owned subsidiaries, owns seven primary wine estates and brands: Pine Ridge Vineyards, Archery Summit, Chamisal Vineyards, Seghesio Family Vineyards, Double Canyon, Seven Hills Winery and Malene Wines. Chamisal Vineyards owns 92 acres of vineyards in the Edna Valley, California, of which 52 acres are planted. Archery Summit owns 92 acres of estate vineyards in the Willamette Valley, Oregon.
CRIMSON WINE GROUP, LTD. 