February 28, 2006
Avon, CO - (News Release) - Vail Resorts, Inc. (NYSE: MTN) has named Robert Katz as Chief Executive Officer, effective today. He will succeed former Chairman and CEO Adam Aron, who announced plans on January 30, 2006, to resign from the Company and relinquished those positions and board seat today. The Company also announced that Joe R. Micheletto has been elected as Chairman of the Board.
Mr. Micheletto issued the following statement on behalf of the board regarding the appointment of Mr. Katz to CEO:
"Rob Katz is uniquely qualified to serve Vail Resorts as its next CEO by virtue of his talent, dedication and experience as a hands-ondirector whose guidance has been instrumental in supporting every major milestone achieved by the Company over the last 14 years. We are confident in Rob's ability to provide resolute focus toward continuingthe growth of our mountain resorts, realizing the full potential of our real estate holdings, maximizing the profitability and selected growth of our lodging operations, and pursuing future strategic acquisitions."
Mr. Katz, 39, most recently served as the Company's Lead Director and has been intricately involved in guiding Vail Resorts' strategic direction and operations since 1992. Since 1990, he has been associated in various capacities including as a Senior Partner of Apollo Management, L.P., an affiliate of the former majority shareholder inVail Resorts. He graduated with a bachelor's degree in economics from the University of Pennsylvania Wharton School in 1988, and has lived in Boulder, Colorado since 2002.
"I am honored by the opportunity to work with the industry's best management team and employees in continuing Vail Resorts' legacy as the nation's premier mountain resorts company," said Mr. Katz. "After many years with the Company as a shareholder and board member, I am looking forward to guiding the Company's strategic initiatives, including the many exciting resort upgrades, development opportunities and marketing programs already underway. I intend to keepmy focus on our core value of providing our guests unforgettable vacation experiences."
Mr. Micheletto was previously CEO of Ralcorp Holdings and currently serves as its Vice Chairman. Mr. Micheletto was also CEO and President of Ralston Resorts, which included Keystone, Breckenridge and Arapahoe Basin. He joined the Company's Board of Directors in 1996 following the sale of those properties to Vail Resorts.
Outgoing CEO Adam Aron complimented the Company's Board of Directors on Mr. Katz' appointment. "Rob thoroughly understands the vision and mission of Vail Resorts, and his considerable financial and management skills will leverage the talents of our outstanding cadre of officers who each day do a tremendous job in managing the Company's resorts," said Mr. Aron. "I look forward to helping ensure a smooth, seamless transition."