Vail Resorts CEO Steps Down; Board Chair Rob Katz To Assume CEO Role

Vail Resorts, Inc. (NYSE: MTN) today announced that Rob Katz, current Executive Chairperson and former Chief Executive Officer, has been appointed CEO of the Company. Katz, age 58, succeeds Kirsten Lynch, who has stepped down as CEO and as a director of the Board. Lynch will remain in an advisory role to the Company for an interim period to facilitate a smooth transition.

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.

"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 will continue to serve as the Chairperson of the Board, which comprises 11 directors. In a letter to employees he says:

"Today, our Board of Directors announced my appointment as CEO. It is an incredible honor and quite humbling to step back into this role. But before I share more on that, I want to start by thanking Kirsten for her incredible 14-year career with us. She has been one of the most transformative leaders we have had as a company, responsible for so much of our innovation, growth, and success. I am grateful for her leadership over these past three and a half years, during some of the most challenging times that our company has faced as we navigated dynamic events post-pandemic. While our Board felt that at this time, in this environment, it was the right decision to make a change, I, and the entire Board, have a tremendous amount of gratitude for all that Kirsten has accomplished and for her immense contributions. While she has stepped down as CEO, I look forward to continuing to work with her over the next several months as she supports this transition as Strategic Advisor.

"I have been a part of Vail Resorts in many different capacities over the past three decades. What has always connected me to this company is passion – the passion of our employees, our guests, and our communities, for this sport, the mountains, our values, and each other. There is nothing like it. I am as passionate today as I was back in 1991 when I first started a working relationship with Vail Resorts and made my first trip to ski “out west” at Vail Mountain. That passion is an incredible gift we all share, but it’s also a special responsibility. The mountains, and skiing and riding, are very personal to everyone who loves them. We must honor and care for that passion, while also stewarding a strong future for our company and our industry. This is something all of you do every day, for which I have always been incredibly grateful.

"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, so we can continue to invest in and do the work we all love. It is important to remember that aligning our stakeholders does not mean everyone will always agree with everything we do, or that our stakeholders will agree with each other. And while that is not always comfortable, it is part of the responsibility of being a leader in an industry with such passionate people. And it’s one of the things I look forward to the most; taking all that energy, inside and outside our company, and translating it into growth. Growth that means more than just getting bigger, but also means evolving and improving. As strong a company as we are, with such incredible resorts and people, we can still evolve and improve.

"I am sure folks are wondering how things might be different with me as CEO, or how things might be different than when I was previously CEO from 2006-2021. The reality is, every day should be different at Vail Resorts, because we are always trying to improve. Improve the service for our guests, the experience for our employees, the vibrancy of our communities, and, yes, the returns for our shareholders. As for me personally, I have changed quite a bit. My own life experiences, both personal and professional, give me a different perspective and insight than I had three and a half years ago. I never stopped my own leadership development. And, I am cognizant that there is a lot I don’t know. The opportunities and challenges our company faces today are different, and my goal is to be a CEO who is constantly learning.

"Over the past three years, we have made tremendous strides in so many areas, including an unprecedented investment in our employees which has led to record-high seasonal employee return rates, as well as very high employee retention and strong employee experience scores. Thanks to your dedication to serving others, we have also made big strides in our guest satisfaction scores. We will continue to build upon that progress. And we will drive forward our innovations like My Epic Gear, My Epic Assistant, and My Epic Pro and create new ones, while staying true to our commitments to the environment and to making the sport more inclusive and welcoming.

"While the company, and each of us as leaders, will always be changing, some things will remain the same: our values. They are simple, but they are who we are at the core. I have learned over the years, you can’t ski and ride the bumps without a strong core. The same is true in life. I will use our values as my north star as we start this next chapter together, with Have Fun right at the top. Because we do our best work when we bring our passions to life."

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.