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Vail Hotels
Vail Resorts announced on Tuesday that Rob Katz, who has led the company as CEO since 2006, will take on a new role of executive chairman on November 1. Kirsten Lynch, the current Marketing Director of Vail Resorts, will be appointed CEO and elected to the company’s board of directors.
In a press release, Vail Resorts said Katz will remain fully active and engaged in key strategic business decisions and priorities while exiting day-to-day operations. Also in the succession plan, Ryan Bennett, the current vice president of elevator marketing and revenue, will be named director of marketing for Vail Resorts.
Difficult year
Ski industry author and tracker Chris Diamond describes Katz’s new role as something between a typical board chairman and a corporate CEO.
The executive chairman position Katz will hold is like “a CEO with a bunch of COOs,” Diamond said. “(Katz) has never been picky about the titles, but the role, clearly, is that he’s going to do things strategically and make a lot of contributions in terms of the senior squad, but all day- today will be on Kirsten’s plate.
Diamond was president of Steamboat Ski & Resort Corporation for 17 years before retiring in 2015. He is now the author of “Ski Inc” and “Ski Inc 2020” and is on the advisory board for Schweitzer Mountain in the north of Idaho.
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In the new post, “I think (Katz) can keep his sanity,” Diamond said. “The past year has been a terrible challenge for everyone in the ski business.”
Nonetheless, “(Katz) managed to run the business for a horrible year, and the stock is almost back to what it was before COVID, and it’s sitting on a pile of money,” Diamond said.
“I can say without exception, from the perspective of the staff there, it was the most difficult year they have ever had,” Diamond said of Schweitzer Mountain. He said he suspected the same was true at Vail Resorts, where “it all creeps all the way to the top, so (Katz) has had to deal with all the fears, frustrations, and chaos of COVID, and j ‘m sure it has taken its toll.
Diamond added, “From what I’m reading he’s going to be more involved than a typical board chairman. Basically, the board hires and fires the CEO – that’s (Katz) ‘s job. He can set a great strategy, but doesn’t get involved in the day-to-day operations, which is why you pay the CEO.
Long legacy as CEO
When the Vail and Beaver Creek resorts were acquired by Apollo Ski Partners from Leon Black in 1992, Katz was a young executive at the company and was assigned to the Vail account, writes Diamond in “Ski Inc”.
Katz has been “intimately involved in the major movements of the company, including the purchases of Breckenridge, Keystone, but also Heavenly, and the holding of RockResorts accommodation.” (Katz) also had his hand on the wheel when Vail Resorts went public in 1997, ”Diamond wrote.
Katz was appointed CEO on February 28, 2006, the same day the company announced it would be moving its headquarters from Avon to Denver.
“The appointment of company insider Rob Katz to replace outgoing Vail Resorts general manager Adam Aron was not as surprising as the announcement that the head office – with around 100 employees – will be relocated to Denver,” reported in the Vail Daily in its March 1, 2006 issue.
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Katz announced the move himself, saying it would help the business grow.
“Relocating our corporate headquarters to the Denver area will facilitate lower occupancy rates, provide greater administrative efficiency, improve recruiting opportunities and allow more centralized access to all of the company’s properties,” Katz said. . “It also better positions the company for future strategic growth.”
Strategic growth would become a hallmark of Katz’s tenure as CEO, as the company grew from owning five ski areas – Vail, Beaver Creek, Keystone, Breckenridge and Heavenly in South Lake Tahoe, California – to owner / operator of 37 ski resorts in the US, Canada and Australia.
Some of Vail Resorts’ acquisition tactics under Katz have been criticized as ruthless, particularly in the Utah market after the company asked for an expired lease from the family owners of Park City Mountain Resort in a scene that Forbes Magazine called “a dark comedy, with Katz considered the villain of the carpet”.
Diamond says he expects Katz to remain heavily involved in strategic growth and acquisitions.
“The board operates at a very high level, approving capital decisions, or spending or raising capital, but when you read this release, it’s pretty clear that (Katz) is going to stay engaged at the strategic level, so he’s something between a typical chairman and a CEO, “Diamond said.” So the executive chairman, for me, is a great way to describe what he sort of presented there. He’ll take the lead. final decision regarding acquisitions and any major changes to ‘Epic’ strategic strategy, and he will be very committed to that. ”
Katz also helped usher in the era of the mega-pass with the introduction of the Epic Pass by Vail Resorts in the 2008-09 season, an era that is the subject of Diamond’s second book, “Ski Inc. 2020” . Diamond says the Epic Pass has helped combat sticker shock associated with the high cost of a lift ticket.
“Now any complaints about the high price of the window lead to a discussion of heavily discounted passes,” writes Diamond.
The unrestricted Epic Pass, coupled with an aggressive growth strategy, has led to huge success for the company under Katz.
“In terms of building a successful, high-margin business model, Vail Resorts has been the Harvard Business School’s case study for the ski industry,” writes Diamond.
Katz has exercised stock options to see payments run into the tens of millions in recent years, creating the Katz Amsterdam Foundation with the proceeds he received from the exercise of Vail Resorts stock appreciation rights. The fund started in 2017 with assets of $ 58 million; in 2019, Katz donated an additional $ 15.7 million to the foundation; in 2020, Katz donated an additional $ 11.7 million to the foundation; and in 2021, Katz donated an additional $ 29.3 million, again from shares of Vail Resorts sold. The foundation awards grants based on recommendations from Katz and his wife, Elana Amsterdam.
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The new face of Vail Resorts
Lynch joined Vail Resorts in 2011 as Director of Marketing and previously held executive positions at PepsiCo and Kraft Foods. Lynch is a member of the board of directors of Stitch Fix, Inc., and in 2019 she was named to Forbes’ CMO Next list, recognized as one of the Top 50 Marketing Leaders. She grew up in Chicago, first skiing at age 6 at Wilmot Mountain, which Vail Resorts acquired in 2016. She currently lives in Boulder with her husband and two children.
“During her 10 years with the company, Kirsten has been responsible for the transformation and success of Vail Resorts’ data-driven marketing efforts and a key driver of growth, stability and of creating value for the company, ”Katz said in a statement. “Besides having a keen business acumen, Kirsten is one of the most passionate and motivated leaders I have ever worked with. Her immense enthusiasm for the long-term vitality of our sport and her tremendous commitment to leadership development within our company will make her an exceptional leader of Vail Resorts. ”
Lynch, in the same company statement, said that “it is an honor to lead Vail Resorts as CEO and to build on Rob’s legacy to reinvent the mountain experience.”
“I am passionate about this company, the culture of leadership we have built and our 55,000 employees who make Vail Resorts the industry leader,” she said. “Looking ahead, I am excited about the incredible growth opportunities for Vail Resorts and I am committed to making our sport and our business more diverse, inclusive and accessible. Together, we will grow our business, innovate and continue to work on our mission to create an unforgettable experience for our guests and employees. “
As Executive Chairman, Katz will remain an employee and director of Vail Resorts, advising both Lynch and the board on long-term strategy and critical priorities. He will also remain involved in Vail Resorts activities around leadership development as well as in its efforts to expand diversity, equity and inclusion both within the company and across the industry. .
“After more than 15 years in my role, one of my top priorities has been to identify and prepare a CEO for the next chapter in the company’s growth and success, and I have full confidence that Kirsten is that person, ”Katz said in the release of the company. “And with our company coming through the most difficult time in its history and coming out stronger than it started, it’s a good time for me to take a step back and play a different role at Vail Resorts. “
Bennett joined Vail Resorts in 2018 as VP of Marketing Analytics before being promoted to his current role of VP of Marketing and Revenue Growth. In addition to leading the company’s season pass and lift ticket operations, Bennett has led numerous strategic revenue and customer experience projects. Originally from Florida, Bennett now lives in Boulder with his wife and three children.
“During his two and a half years at Vail Resorts, Ryan has had a tremendous impact on many aspects of the company’s marketing organization,” said Lynch. “He transformed the way we leverage data and drive material growth for our early engagement strategy, while building and leading strong teams to achieve ambitious goals. Ryan will bring his exceptional marketing, analytical and leadership background to his role as Marketing Director to help drive future revenue growth for Vail Resorts.
—This report contains material from a press release from Vail Resorts
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