Intrawest Resorts Holdings, Inc., which went public in February, announced its CEO had resigned for personal reasons and been replaced by investment banker Thomas F. Marano effective immediately. Marano will also serve on the companys board of directors. Additionally, Intrawest has promoted Sky Foulkes, president of Stratton Mountain Resort, to the position of chief operating officer.
Intrawest Resorts owns and operates six mountain resorts, including Steamboat and Winter Park in Colorado, Tremblant in Quebec, Stratton in Vermont, Snowshoe in West Virginia and Blue Mountain in Ontario.
Intrawest is well positioned to continue to build on the success and progress the entire team has made over the past five years and most recently since our IPO earlier this year,” said outgoing CEO William A. Jensen. “The depth and experience of the team that is in place will support Tom and Sky as they work to take the company to the next level.
Prior to joining Intrawest, Marano was chairman and CEO at Residential Capital LLC (also known as ResCap) from 2008 to 2013. From April 2008 to April 2009, Marano was a managing director at Cerberus Capital Management, where he led mortgage activities and had oversight of ResCap. Marano served as non-executive chairman of ResCap until August 2008, then chairman and CEO. In April 2009, Marano became the chief capital markets officer of GMAC as well as the chairman and CEO of ResCap. Prior to this, Marano served at Bear Stearns for 25 years where he was the Head of Global Mortgage and Asset Backed Trading and Originations from 2006 to 2008. He also serves as a Trustee at the Intrepid Fallen Heroes Fund. Marano holds a Bachelor’s Degree from Columbia College in New York City.
I am excited to have the opportunity to lead the Intrawest team towards maximizing value while continuously improving on the experience of our guests,” said Marano. “I believe there are significant near and long-term opportunities to create meaningful value for all shareholders.
Foulkes will be working on day-to-day operations across Intrawests mountain and adventure assets. Foulkes has more than 30 years of experience in the ski resort industry, twenty of which have been with Intrawest. Most recently, Foulkes has been the president and chief operating Officer of Stratton Mountain Resort since 2007.