February 28, 2006
Avon, CO - (News Release) - Vail Resorts, Inc. (NYSE: MTN) today repositioned its senior management team to facilitate continued growth by promoting five key executives to new posts reporting to Chief Executive Officer Robert Katz, who succeeded outgoing Chairman and CEO Adam Aron effective today.
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 VicePresident 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 entiremanagement 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 themetro 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 theCompany'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 ofSummit 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 iPCCS, 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 ofReservations, and Vice President of Marketing for Vail and Beaver Creek.