|Vail Resorts’ Katz to
get $815,000 salary
New CEO will be paid as outgoing Adam Aron
Vail Resorts CEO Rob Katz
Special to the Daily
March 4, 2006
AVON — Vail Resorts’ new chief executive Rob Katz
will receive an annual salary of $815,000 – the same that outgoing
chief Adam Aron was making after 10 years with the company.
That salary equates to about 4,254 percent more than the typical
$9-an-hour lift operator working at one of the company’s ski resorts.
Katz, 39, who won’t double as chairman of the board as Aron did, will
also receive bonuses in the form of stock shares, according to
documents filed with the U.S. Securities and Exchange Commission
Friday. His annual bonuses will be equal to 80 percent of his base
salary. He will also receive about $70,000 for services performed
prior to his new agreement with the company.
Aron, who announced his resignation at the end of January, stepped
down Feb. 28 when the appointment of Katz was announced. In addition
to his remaining salary, Aron will also receive an additional $2.65
million — $1.5 million on Aug. 31 and the remainder in September.
According to the filing, in addition to salary and bonus, Katz will
receive a grant of 30,000 shares of restricted stock of the company,
vested in equal monthly installments over a period of three years. He
will also receive a grant of 300,000 stock-settled stock appreciation
rights, also vesting over three years.
Katz, who lives in Boulder, announced last week that the Vail Resorts
corporate headquarters in Avon will be relocated to somewhere in the
Denver metro area, probably sometime later this year.