Vail Resorts CEO donates $29.3M
Money will be donated to the Katz Amsterdam Foundation
Vail Resorts announced that company CEO Rob Katz will donate $29.3 million from sold shares of Vail Resorts stock to charity.
Vail Resorts said in a news release that Katz exercised stock appreciation rights that were set to expire next year, and he will make a charitable donation of 100% of the proceeds received.
The company said Katz received 91,661 shares of Vail Resorts stock that will be sold. Based on the closing market price at time of sale, $319.94 per share, the donation is equal to about $29.3 million.
The money will be donated to the Katz Amsterdam Foundation, a charitable trust and foundation Katz runs with his wife, Elana Amsterdam. The Katz Amsterdam Foundation is focused on improving access to behavioral and mental health services in mountain communities and expanding programs to connect underserved youths to winter sports.
The Katz Amsterdam Foundation also pledged to focus efforts on racial justice. The news release said the foundation is working on a strategic planning process “that will identify key issue areas where the foundation can make a meaningful impact and best align with current efforts to advance racial justice.”
To launch the commitment, the foundation is awarding $2 million in grants to support racial justice organizations across the country. Those grants include: $500,000 to the Anti-Recidivism Coalition, $500,000 to America Votes, $250,000 to Mi Familia Vota, $100,000 to You Can Vote, $100,000 to the Transformative Justice Coalition, $50,000 to Protect the Sacred, $250,000 to the Community Justice Reform Coalition and $250,000 to the Othering and Belonging Institute at the University of California at Berkeley.