Vail Resorts CEO Kirsten Lynch is stepping down and former CEO and Executive Chairperson Rob Katz will succeed her.
“As Vail Resorts continues to execute its strategic priorities and transformational initiatives, the board believes now is the right time for this leadership transition,” said Bruce Sewell, lead independent director of the board, in a statement.
Lynch, the former chief marketing officer at Vail, was appointed CEO in 2021. Her departure, which includes resigning from her role as a member of the board, “will be treated as a termination without cause,” according to documents filed with the SEC.
Lynch will stay on as an advisor until Sept. 26 to assist in the leadership transition.
“It has been an experience of a lifetime to serve 14 years on the executive team at Vail Resorts, including more than three years as CEO,” Lynch said in a statement. “I want to share my sincerest appreciation to all our talented team members for their passion for our mountains, our guests, and our communities. I also have deep gratitude to Bruce, Rob, the entire board, and our executive team for their partnership. I am a lifelong champion of Vail Resorts and look forward to seeing the next phase of the company’s journey.”
Year-over-year revenue has grown at Vail Resorts in its recent earnings results. For the quarter ended Jan. 31, Vail’s net revenue increased 5.5% to $1.13 billion. Net income was $245.5 million, or $6.56 per diluted share – a nearly 12% increase year-over-year.
Executives said they were focused on improving guest experiences after labor disputes disrupted operations, particularly at Park City resort in December and January. Vail investors Late Apex Partners have also been critical of the company’s leadership over the past year, and called on the board to replace Lynch and Vail’s CFO, Angela Korch.
File photo of Rob Katz courtesy of Vail Resorts.
“We are incredibly grateful for Kirsten’s leadership and contributions over her 14-year career with Vail Resorts, including driving transformational growth of the Epic Pass, stewarding the business through unprecedented challenges, and driving meaningful investments in innovation to position Vail Resorts for future success,” Sewell said.
In addition to stepping into the CEO role once more, Katz will remain as chairperson of the board. Katz previously served as CEO from Feb. 2006 to 2021, when Lynch was appointed. Katz has served on Vail’s board since 1996 and he has been involved with the company since 1991. He also serves on the board of directors at Yeti Holdings and on the Wharton Leadership Advisory Board.
“Rob has a strong track record of driving innovation and executing consistent performance at Vail Resorts and has played a critical role in the development of Vail Resorts’ operations and long-term strategy for over the past three decades,” Sewell said. “Rob’s 16 years as CEO included reinvigorating the company during times of industry stagnation and challenging macro environments. We look forward to continuing to work closely with him to ensure that Vail Resorts consistently delivers for our employees, guests, communities, and shareholders as the worldwide ski industry leader.”
Katz said stepping back into the CEO role is an honor and a privilege.
“I remain as passionate about Vail Resorts, the sport of skiing and snowboarding, and this industry as when I first became CEO nearly two decades ago,” he said. “While the environment and the company itself have changed, what remains the same is our deep-rooted commitment to all our stakeholders, including to our team members, our truly unique mountain resorts, and the communities we serve, as well as to our culture of innovation and constant improvement. I am very optimistic about the future of Vail Resorts and delivering for all our stakeholders. I want to thank Kirsten for her leadership over the past three and a half years; she has set us up for the next phase of growth, and I look forward to building upon that work.”
