Vail Resorts, Inc. named Robert Katz as Chief Executive Officer. He will succeed former Chairman and CEO Adam Aron, who announced plans on January 30, 2006, to resign from the company and relinquished those positions and board seat. The company also announced that Joe R. Micheletto has been elected as Chairman of the Board.
Mr. Micheletto issued the following statement on behalf of the board regarding the appointment of Mr. Katz to CEO:
“Rob Katz is uniquely qualified to serve Vail Resorts as its next CEO by virtue of his talent, dedication and experience as a hands-on director whose guidance has been instrumental in supporting every major milestone achieved by the Company over the last 14 years. We are confident in Rob's ability to provide resolute focus toward continuing the growth of our mountain resorts, realizing the full potential of our real estate holdings, maximizing the profitability and selected growth of our lodging operations, and pursuing future strategic acquisitions.”
Mr. Katz, 39, most recently served as the Company's Lead Director and has been intricately involved in guiding Vail Resorts' strategic direction and operations since 1992. Since 1990, he has been associated in various capacities including as a Senior Partner of Apollo Management, L.P., an affiliate of the former majority shareholder in Vail Resorts. He graduated with a bachelor's degree in economics from the University of Pennsylvania Wharton School in 1988, and has lived in Boulder, Colorado since 2002.
“I am honored by the opportunity to work with the industry's best management team and employees in continuing Vail Resorts' legacy as the nation's premier mountain resorts company,” said Mr. Katz. “After many years with the Company as a shareholder and board member, I am looking forward to guiding the Company's strategic initiatives, including the many exciting resort upgrades, development opportunities and marketing programs already underway. I intend to keep my focus on our core value of providing our guests unforgettable vacation experiences.”
Mr. Micheletto was previously CEO of Ralcorp Holdings and currently serves as its Vice Chairman. Mr. Micheletto was also CEO and President of Ralston Resorts, which included Keystone, Breckenridge and Arapahoe Basin. He joined the Company's Board of Directors in 1996 following the sale of those properties to Vail Resorts.
Outgoing CEO Adam Aron complimented the Company's Board of Directors on Mr. Katz' appointment. “Rob thoroughly understands the vision and mission of Vail Resorts, and his considerable financial and management skills will leverage the talents of our outstanding cadre of officers who each day do a tremendous job in managing the Company's resorts,” said Mr. Aron. “I look forward to helping ensure a smooth, seamless transition.”
Senior Vice Presidents and Chief Operating Officers William A. Jensen and Roger McCarthy were named Co-Presidents of the Company's Mountain Division, which includes the Vail, Breckenridge, Keystone, Beaver Creek and Heavenly resorts. The Company also promoted Senior Vice President and Chief Financial Officer Jeffrey W. Jones to serve as Senior Executive Vice President of the parent company. In addition, Senior Vice President and General Counsel Martha D. Rehm was promoted to Executive Vice President of the parent company. Vice President of Marketing and Sales Christopher E. Jarnot was elevated to Senior Vice President.
“I am very pleased to recognize the tremendous contributions that these outstanding professionals have made to the success of Vail Resorts,” said Mr. Katz. “In their various roles, they are representative of the great strength and breadth of our entire management team and employees, whose dedication to providing guests an unforgettable experience has earned Vail Resorts its reputation as the nation's premier mountain resort operator.”
Mr. Katz also announced that the Company will relocate its Avon, Colorado, corporate and administrative operations to new offices in the metro Denver area, with some positions moving to a location near its Keystone Resort in Summit County, Colorado. The relocation of corporate headquarters will also consolidate the Company's RockResorts office and a separate sales office, which are currently located in two different locations near downtown Denver. Positions related to the Company's Mountain Division and Vail Resorts Development Company, its Real Estate Division, will not be relocated.
Mr. Katz added that the Company will announce further details of its corporate relocation to the Denver area within the next several weeks.
“Moving our headquarters operations to the Denver area will facilitate lower occupancy rates, provide greater administrative efficiencies, enhance recruiting opportunities, and allow more centralized access to all of the Company's properties,” Mr. Katz said. “It also better positions the Company for future strategic growth,” he added.
Mr. Jensen and Mr. McCarthy will remain in their locations in Eagle and Summit counties, respectively, while Mr. Jones, Ms. Rehm and Mr. Jarnot will be relocating to the new corporate office.
Currently, the Company expects approximately 100 executives, managerial and staff positions to be relocated from Avon to the Denver area.
About the Executive Promotions
Mr. Jensen, 53, joined the Company as Senior Vice President and Chief Operating Officer of Breckenridge Ski Resort in 1997. Upon leaving that post, he was appointed to the same position for Vail Mountain in 1999, and in 2002 took on oversight authority of the Beaver Creek and Heavenly resorts. He currently serves on the Executive Board of the National Ski Areas Association, as well as on the board of Colorado Ski Country USA and several civic organizations.
Mr. McCarthy, 56, joined the company as Senior Vice President and Chief Operating Officer of Breckinridge Ski Resort in 2000, and was appointed to the same position for Keystone Resort in 2002. He is a director of Summit Foundation, the Breckenridge Outdoor Education Center and also serves as President Emeritus of the Tremblant Foundation.
Mr. Jones, 44, joined the Company in September 2003, and was named its Senior Vice President and Chief Financial Officer in November of that year. He is a member of the American Institute of Certified Public Accountants and serves as a director on the boards of several affiliated companies. He also serves as Chairman of the Audit Committee for iPCS, Inc.
Ms. Rehm, 54, became Senior Vice President, General Counsel and Secretary of Vail Resorts in May 1999. She holds director positions on the boards of various Vail Valley community and Company affiliated organizations.
Mr. Jarnot, 38, was appointed Vice President of Marketing and Sales in 2003. He has held numerous positions since joining the Company in 1989, including Director of Advertising and Direct Marketing, Director of Reservations, and Vice President of Marketing for Vail and Beaver Creek.
