Co-founder/partner Rob Weakley sells shares of Coastal Luxury Management.

Even amid the hailstorm of rumors that has chased Coastal Luxury Management since it was founded ahead of the first ever Pebble Beach Food and Wine waaaay back in 2008, this one—that the two-man partnership at its core could split—never surfaced.

But here it is: Rob Weakley is out as co-founder and partner.

And he just told me that's a very good thing. He'll miss it, but it's still a good thing.

He also added that, after opening another two restaurants in year, Bernahl and he could no longer fit in the same vehicle.

"I'm definitely standing up a lot straighter," Weakley says. "It's been a crazy seven years—starting two luxury food and wine events, four restaurants-slash-nightclubs but I had an opportunity to step away and it was just a good time."

That opportunity: A desire for an increased role in CLM's ever-expanding projects from minority partners and winery barons Charles and Ali Banks, founders of Terroir Selections, who have bought up much of Weakley's sizable chunk.

The Bankses, particularly Charles, had partnered with CLM on a range of wine and prospective projects for more than a year. It was their involvement that helped CLM to reclaim greater control from Dick Clark Productions and Red Zone Entertainment, whose initial investment propelled CLM toward its now wide restaurant operations, which include Restaurant 1833 in Monterey, Cannery Row Brewing Company in New Monterey, Rose.Rabbit.Lie. in Vegas and Faith & Flower in Los Angeles.

Official word from CLM predictably emphasizes the new partnership.

According to the official release, "the two will be working more closely with CLM, focusing on strategic growth opportunities within the company."

More from the release appears below: 

The news of Charles and Ali’s increased involvement comes on the heels of Co-Founder Rob Weakley announcing that he will be selling his shares back to CLM and Charles and Ali, and resigning his role as President.

David Bernahl says of this transition, "Rob Weakley has been the best partner anyone could ever ask for. I couldn’t be sadder to see him go. CLM is 100 percent behind Rob as he moves towards a new horizon as we have no doubt it will be wildly successful."

Weakley will be pursuing new opportunities that are synergistic with the CLM events and projects he was instrumental in creating during his seven years with the company.

Rob says of his departure and next move, "News like this is always bittersweet; however, I’m looking forward to spending some quality time with my family and excited about my future endeavors. I'm supportive of the direction that David, Charles and Ali are taking with the company."

In the past 18 months, the Banks have been involved with CLM while the company has expanded its portfolio, including the recent openings in Las Vegas and Los Angeles, and producing a successful Seventh Annual Pebble Beach Food & Wine Festival in April 2014.

“Ali and I are doubly excited about our bigger partnership with CLM because of our valued friendship with Dave Bernahl and the CLM team, and our respect for what they have accomplished with their food and wine festivals, restaurants and entertainment venues,” says Charles Banks. “We see immense potential for continued growth and creative exploration with these and other related businesses."

Charles Banks, named one of “The 9 People You Need to Know in American Wine Right Now” by Food Republic (April 2014), founded Terroir Selections in 2009, and, since then, has curated one of the most impressive collections of wineries.

By investing in and adding value to such respected wines as Mayacamas, Sandhi, Mulderbosch and Qupe, the Banks have allowed some of the industry’s most talented winemakers to realize their dreams.

They are also partners in the award-winning Blackberry Farm in Walland, Tenn., and Santa Barbara’s Mattei’s Tavern.

The shift leads to other managerial changes. Primary among them: Anand Menon, who most recently served as VP of operations, will be promoted to chief operating officer for CLM.