Rob Katz. Vail photo.
Company reaffirms fiscal 2025 guidance and pass sales trends provided in the April metrics release
by Timothy McQuiston, Vermont Business Magazine Vail Resorts, Inc. (NYSE: MTN) announced Tuesday that Rob Katz, current Executive Chairperson and former Chief Executive Officer, has been appointed CEO of the company. Katz, 58, succeeds Kirsten Lynch, who has stepped down as CEO and as a director of the Board. Vail said in a statement that Lynch will remain in an advisory role to the company for an interim period to facilitate a smooth transition. Vail owns three resorts in Vermont: Mount Snow, Okemo and Stowe Mountain Resort.
The news that Lynch was removed and former CEO Katz brought back sent Vail shares higher Wednesday nearly 9% to about $165, even as the broader markets faltered. Still Vail is down year-to-year (52-week range, 129.85 - 199.45). When Lynch took over in 2022, shares had been trading near $350.
During Katz stint as CEO (2006-2021), he led the effort to gobble up many ski resorts around North America and even overseas, while introducing the Epic pass in 2008.
Vail also resolved a costly labor dispute with the ski patrol at Park City, Utah, the largest ski resort in the US, in January; skier visits through April 20 declined 3.1% year-over-year. Vail will release third quarter earnings on June 5.
"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. "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. 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."
Sewell continued, "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."
Katz commented, "It is an honor to step back into the role of CEO of Vail Resorts, and it is a privilege to lead the incredible people who make our resorts and our Company so special. 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. 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."
Lynch said, "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. 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."
Katz also sent a letter to employees which said, in part, "My most important goal in returning as CEO is ensuring we align with all our stakeholders to deliver an Experience of a Lifetime for our employees and guests while driving financial success for our company."
Katz will continue to serve as the Chairperson of the Board, which comprises 11 directors.
Fiscal 2025 Outlook and Spring Pass Sales
For fiscal 2025, the Company reaffirms the guidance outlook provided in the April 24, 2025, metrics release, and expects Resort Reported EBITDA for fiscal 2025 to be in the lower half of the guidance range issued on March 10, 2025, excluding the one-time costs related to the CEO transition.
Vail Resorts also notes that early season pass sales results through the May 26, 2025, pass deadline remain consistent with the trends provided in the April 24, 2025, metrics release.
The Company will discuss the fiscal 2025 outlook and pass sales results in further detail on its fiscal 2025 third quarter earnings call, scheduled for 5:00 p.m. Eastern time on Thursday, June 5, 2025.
About Robert Katz
Katz, age 58, previously served as Chief Executive Officer of Vail Resorts beginning in February 2006, was appointed Chairperson of the Board of Directors in March 2009, and served in both roles until November 2021, at which point he was appointed Executive Chairperson. He previously served as Lead Director of Vail Resorts from June 2003 until his appointment as CEO. Katz has served on the Board since 1996 and has been involved with the Company since 1991. Prior to becoming CEO of Vail Resorts, he was associated with Apollo Management L.P., a private equity investment firm, since its founding in 1990. Katz is a founder and board member of the Katz Amsterdam Foundation, which has a long track record of working with mountain communities to improve access to mental and behavioral healthcare. Katz currently serves on the Board of Directors of YETI Holdings, Inc. and on the Wharton Leadership Advisory Board. He has previously served on numerous private, public, and non-profit boards.
Snowmaking at Mount Snow in November 2024. Courtesy Mount Snow.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America. Learn more about our company at www.VailResorts.com, or discover our resorts and pass options at www.EpicPass.com.
SOURCE: BROOMFIELD, Colo., May 27, 2025 /PRNewswire/ -- Vail Resorts
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