Vail Resorts announced on Tuesday that Kirsten Lynch stepped down as the CEO of Vail Resorts on May 22 to be replaced by Executive Chairperson Rob Katz. Lynch began her term as CEO in November 2021, replacing Katz, who held the position for 16 years prior.
“We have tremendous gratitude to Kirsten for her 14 years of leadership at Vail Resorts, first as CMO and then as CEO for the past three and a half years,” said the company in a statement Tuesday.
Katz will remain in his position as the executive chairperson of the board in addition to returning as CEO.
“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. “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.”
While Lynch resigned May 22, she will remain with the company as a strategic adviser through Sept. 26 to help with the transition.
“For purposes of her existing employment agreement with the company, dated as of Nov. 1, 2021, and the agreements governing her outstanding equity awards, Ms. Lynch’s departure will be treated as a termination without cause,” said the company in its report to the Securities and Exchange Commission on May 22.
During the advisory period, Lynch will continue to receive her base salary at the same annual rate in effect as of her resignation date.
Under the agreement of her employment as strategic adviser, Lynch will continue to receive her full salary through Sept. 26 as well as a partial bonus for the fiscal year 2025, based on how she and the company perform during that time. She will have 90 days after her last day to use any vested stock appreciation rights.
She also will receive $2.25 million in a lump sum as a severance payment that covers two years of her base salary, according to her severance agreement.
“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,” Katz wrote in a letter to employees on Tuesday. “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.”
Lynch served as chief marketing officer for 10 years before her time as CEO. Lynch saw the company through the challenges following the COVID-19 pandemic, as well as a national uproar surrounding the ski patrol strike around the Christmas holidays at Park City Mountain.
“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,” said Lynch.
In the two hours following the announcement of Lynch’s departure, Vail Resorts stock rose by 10.88% in after-hours trading, trading at $167.99 at the time of reporting, up from $151.50 at the time of close.