Vail Resorts Names Katz CEO, Promotes Others, Moves HQ to Denver

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SAM Magazine-Avon, Colo., Feb. 28, 2006-Vail Resorts has named Robert Katz as chief executive officer, effective immediately, and promoted several other executives, including Vail VP/COO Bill Jensen and Breckenridge and Keystone VP/COO Roger McCarthy. Last but not least, Joe R. Micheletto has been elected chairman of the board. As part of its reorganization, VR is also moving its corporate headquarters from Avon to the Denver metro area.

Katz, 39, succeeds former chairman and CEO Adam Aron, who announced his decision to resign January 30. Katz has been a director of VR for 14 years and most recently served as its lead director, helping guide VR's' strategic direction and operations. Since 1990, he has served in various capacities, including senior partner, with Apollo Management, L.P., an affiliate of the former majority shareholder in Vail Resorts.

"We are confident in Rob's ability to provide resolute focus toward continuing the 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," Micheletto said.

Aron added, "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."

Of that cadre, senior vice presidents and COOs William A. Jensen, 53, and Roger McCarthy, 56, were named co-presidents of VR's Mountain Division, which includes Vail, Breckenridge, Keystone, Beaver Creek and Heavenly. In the corporate office, senior VP and CFO Jeffrey W. Jones, 44, becomes senior executive VP; senior VP and general counsel Martha D. Rehm, 54, becomes executive VP; and VP of marketing and sales Christopher E. Jarnot, 38, becomes senior VP.

Micheletto currently serves as vice chairman of Ralcorp Holdings and was CEO and president of Ralston Resorts, which owned Keystone, Breckenridge and Arapahoe Basin before VR purchased those properties in 1996.

VR's corporate and administrative operations are moving to the Denver area, with some positions moving to a location near Keystone. Details of the move are expected in several weeks. The new offices will also house RockResorts and a separate sales office, both currently in two different locations near downtown Denver. The company's Mountain Division and Development Company are not part of the move.

"Moving our headquarters operations to the Denver area will . . . provide greater administrative efficiencies, enhance recruiting opportunities, and allow more centralized access to all of the Company's properties," Katz said. "It also better positions the Company for future strategic growth." \