New CEO will be paid as outgoing Adam Aron
 

Click to Enlarge Browse Vail Daily Photos Vail Resorts CEO Rob Katz Special to the Daily

Alex Miller
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.

Vail, Colorado