Who: Co-founder and ambassador at-large of Ravenswood Wines; retired director, CEO, and chairman.
Degree: M.B.A. ’61
Spotlight: The Ravenswood website describes him as “a Harvard MBA gone astray,” but that’s only if you have a rigid definition of the straight and narrow. Who’s to say that in making the jump from real estate to winemaking, Foster hasn’t lost his direction but rather found his true passion in life? Together, he and co-founder Joel Peterson, whom he met at the San Francisco Wine Sampling Club, started the company in 1976 with $4000, no wineries, and not a single grape. Their high-quality wines won the loyalty of connoisseurs, but Ravenswood didn’t make a profit until 1983, when they took off with the creation of Vintner’s Blend, an inexpensive wine ($11-15 per bottle) that nonetheless retains the winery’s trademark complexity. In 1999, Foster and Peterson took the company public, and two years later, Constellation Brands bought Ravenswood for $148 million—an almost unheard-of sum for a winery. In vino veritas.
Life after retirement: Foster remains energetic in the wine industry even after stepping down as chairman and CEO. As president of the Coalition for Free Trade, he helped push for a 2005 Supreme Court ruling that permitted wineries to ship directly to consumers across state lines in eight new states.
Friends: Foster and Peterson not only work together but also volunteer together: they lead Boy Scout backpacking trips to the Sierra Nevada. A Harvard classmate, Domenic Paino, M.B.A. ’61, was also seduced from real estate by the sweet heady aroma of wine. He now grows Cabernet Sauvignon, Merlot, and Cabernet Franc at his own vineyard, Rancho Salina, named after the Italian island from which his parents immigrated.
Do you really want to drink out of that? What used to be a toilet seat factory now houses the current Ravenswood Winery. You can plan a visit or a tasting here.
Well-aged hippies: Reportedly, both Foster and Peterson sported shaggy locks in the early days of Ravenswood. Today, Foster has a lively beard and a crusty fisherman’s vest, while Peterson’s unconventional but loving family includes his wife, his ex-wife, and her children by other men.
His favorite tee: Frequently seen in public with his t-shirt printed with Ravenswood’s motto, “No Wimpy Wines,” in 15 different languages. Pas de vins poules mouillees.
In his own words: “If someone transposed our stock chart to a hospital monitor, they'd say ‘The patient is dead, tie a tag to his toe and get him out of here.’” – on Ravenswood lackluster trading after their IPO
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