This story first ran on BizWest.com, a BusinessDen news partner.
Vail Resorts will soon have a new leader.
The company’s longtime CEO Rob Katz is planning to step down and will be replaced by Vail chief marketing officer Kirsten Lynch.
Ryan Bennett, Vail’s vice president of marketing, will then backfill the chief marketing officer role.
Katz, who has served in the company’s top leadership position since 2006, will become the executive chairman of Vail’s board of directors.
All of these personnel moves are expected to go into effect on Nov. 1, according to a Vail news release.
Lynch has worked for Vail since 2011 and previously held leadership positions with PepsiCo and the Kraft Heinz.
“Over her 10 years with the company, Kirsten has been responsible for the transformation and success of Vail Resorts’ data-driven marketing efforts and a primary driver of the company’s growth, stability and value creation,” Katz said in a prepared statement.
Lynch takes the reins during a pivotal time for Vail as the company attempts to dig out of a major financial hole created by COVID-19 resort shutdowns in 2020.
The company posted losses of more than $153 million in the third quarter of 2020, but has since begun bouncing back. In June, Vail posted positive quarterly earnings on revenues of $889.1 million, up 28.1% from the same period last year.
Vail expects to earn net income of $93 million and $139 million for the full fiscal year 2021, assuming there are no additional COVID-19 resort shutdowns, the company reported in June.