Vail Resort’s major stockholder leaving board
“I don’t think it’s very significant,” said Vail Resorts’ chief executive, Adam Aron. “We still have contact with Apollo and I know Leon is very interested in the health and success of Vail Resorts.”
Black’s departure – as well as those of former Vail Resorts president Andy Daly and directors Craig Cogut, Steve Hilbert, Tony Ressler, John Ryan and Bruce Specter – will streamline the 17-member board, Aron said.
The move comes in a post-Enron environment in which corporate boards have been shuffling members. Vail Resorts’ board will meet a new New York Stock Exchange rule requiring the majority of board members of a publicly traded company have no direct financial links to the company.
The change in makeup of the board will occur after December’s annual meeting, Aron said.
The new, 12-member board will have five members representingApollo Advisors.
Black owns a 40 percent share in Vail Resorts, which was taken public in 1997 and now operates Vail, Beaver Creek, Keystone, Breckenridge and Heavenly ski resorts, as well as hotel chains and real estate development companies. Last year, Vail Resorts earned $107 million on revenue of $615.3 million. Its stock at close of trading Wednesday was $15.72, down 33¢.
Cliff Thompson can be reached at 949-0555 ext 450 or email@example.com.