UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of
report (Date of earliest event reported): January 7, 2008
Vail
Resorts,
Inc.
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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001-09614
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51-0291762
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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390
Interlocken Crescent, Suite 1000
Broomfield,
Colorado
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80021
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant's
telephone number, including area code:
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(303)
404-1800
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(Former
Name or Former Address, if Changed Since Last Report)
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
1.01. Entry into a Material Definitive Agreement.
The
description of the terms of the agreement by and among Vail Associates, Inc.
(“Vail Associates”), Bill Jensen and Intrawest ULC (“Intrawest”) is incorporated
in this Item 1.01 from Item 5.02 below.
Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On
January 8, 2008, Vail Resorts, Inc. (the “Company”) announced that Bill Jensen
is resigning his position as president of the Company’s mountain division and
chief operating officer of Vail Mountain, effective January 31, 2008, to become
chief executive officer of Intrawest ULC, based in Vancouver, British Columbia,
Canada on June 1, 2008.
In
connection with Mr. Jensen’s resignation, on January 7, 2008, Vail Associates
entered into an agreement with Mr. Jensen and Intrawest whereby the Company
waives its right to assert that Mr. Jensen's employment by Intrawest may violate
the Company’s employment agreement with Mr. Jensen or any other applicable law,
and in exchange, Mr. Jensen and Intrawest agree not to recruit or hire any
management or executive employee of the Company without the Company’s prior
approval for a period of 24 months after the date of Mr. Jensen’s
resignation. The agreement also contains mutual releases among the
parties for certain matters pertaining to or arising out of Mr. Jensen’s
employment.
A
copy of
the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K
and is incorporated herein by reference.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
A
list of
exhibits filed herewith is contained on the Exhibit Index which immediately
precedes such exhibits and is incorporated herein by reference.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Vail
Resorts, Inc.
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Date:
January 8, 2008
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By:
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/s/
Jeffrey W.
Jones
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Jeffrey
W. Jones
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Senior
Executive Vice President and
Chief
Financial Officer
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EXHIBIT
INDEX
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Exhibit
No.
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Description
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99.1
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Press
Release, dated January 8, 2008.
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EXHIBIT
99.1
Vail
Resorts
News
Release
For
Immediate Release
Vail
Resorts Contacts:
Media: Kelly
Ladyga, (303) 404-1862, kladyga@vailresorts.com
Investor
Relations: Jeff Jones, CFO, (303) 404-1802,
jwjones@vailresorts.com
Vail
Resorts Announces
Changes and Promotions in Senior Management Team
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l
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Bill
Jensen, president of Mountain Division, departs Company for new
opportunity
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l
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John
Garnsey and Blaise Carrig promoted to lead the Company’s Mountain
Division
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l
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Vail
Resorts Marketing Chief Chris Jarnot Becomes New COO of Vail
Mountain
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BROOMFIELD,
Colo.—Jan. 8, 2008—Vail Resorts, Inc. (NYSE:MTN) today announced that Bill
Jensen is leaving his position as president of the Company’s mountain division
and chief operating officer of Vail Mountain, effective Jan. 31, 2008, to become
chief executive officer of Intrawest ULC, based in Vancouver, British Columbia,
Canada, on June 1, 2008.
“Bill
has
contributed greatly to the success of Vail Mountain and his experience has
been
invaluable for all of our mountain resorts. In addition he has been a true
leader within both the Vail community and the U.S. ski industry. Bill will
be
missed by everyone at our company for both his contributions and experience.
At
the same time, we understand Bill’s decision to take on a new role with
completely new responsibilities,” said Rob Katz, chief executive officer of Vail
Resorts. “When your Company is the clear leader, consistently embodying
excellence, it is the ultimate compliment for other companies to be interested
in your people. The key is to have the management talent and strength to allow
the Company to continue on its path. Fortunately, Vail Resorts has that depth,”
said Katz.
The
Company simultaneously announced today that John Garnsey, senior vice president
and chief operating officer of Beaver Creek Resort and Blaise Carrig, senior
vice president and chief operating officer of Heavenly Mountain Resort, have
both been promoted to executive vice president of the Company’s Mountain
Division and together will be responsible for oversight of the entire division.
Garnsey will remain chief operating officer of Beaver Creek Resort and will
also
have direct oversight of Vail Mountain. Carrig will remain chief operating
officer of Heavenly and will have direct oversight for both Breckenridge Ski
Resort and Keystone Resort.
“With
more than 60 years of combined expertise in mountain resort operations, John
and
Blaise have my full confidence in continuing and improving upon the success
that
we have had in our mountain division. Each of them is innately attuned to
providing an exceptional experience for our guests, as demonstrated by the
incredible operating and financial results at both Beaver Creek and
Heavenly. I look forward to working with both of them as partners in
continuing to drive the success of Vail Resorts,” Katz said.
Garnsey
was appointed senior vice president and chief operating officer of Beaver Creek
in May 1999. Prior to Vail Resorts, Garnsey served as president of the Vail
Valley Foundation from 1991-1999. He served as the executive vice president
for the 1989 World Alpine Ski Championships in Vail and Beaver Creek and as
president of the organizing committee for the 1999 World Championships. Garnsey
first came to the Vail Valley in 1974, working his way up through various
mountain operations positions at Vail Mountain before moving over to the
foundation. Garnsey currently serves on the boards of both the National Ski
Areas Association and Colorado Ski Country USA and is president of the Beaver
Creek Resort Company and the Bachelor Gulch Village Association. He serves
on
numerous local boards, including the Vail Valley Foundation and The Vilar Center
Foundation.
Carrig
was appointed senior vice president and chief operating officer of Heavenly
Mountain Resort in September 2002. From 1997-2002, Carrig was the president
and
managing director of The Canyons in Park City, Utah. Prior to July 1997, he
served as the managing director of Sugarbush Resort in Warren, Vt. Carrig had
held a variety of positions at Sugarbush since 1976, from ski patrol to vice
president and general manager. Carrig currently serves on the executive boards
of the California Ski Industry Association, the Lake Tahoe Visitors Authority,
and the Lake Tahoe South Shore Chamber of Commerce. He is also on the boards
of
the National Ski Areas Association and the Tahoe Baikal Institute, an
international environmental organization.
In
addition to the Garnsey and Carrig promotions, ski industry veteran Chris Jarnot
has been named chief operating officer of Vail Mountain. Jarnot has been senior
vice president of marketing and sales for Vail Resorts since February
2006.
“It
would
be hard to find anyone more knowledgeable about everything that Vail stands
for
than Chris. He has spent a lifetime growing up, recreating and working around
Vail Mountain and has a deep understanding of what is so special about the
resort. Chris is also keenly aware of how critical the entire Vail community
is
to the resort and the importance of working in partnership to improve upon
the
entire Vail experience. Chris’s background also provides him tremendous insight
into how to connect with the Vail guest about everything that the resort and
the
community have to offer,” said Katz.
Having
grown up in the Vail Valley, Jarnot has spent his entire career with Vail
Resorts. During holiday breaks throughout college, he worked in guest services
at Beaver Creek, helping to load buses in the resort parking lots. After
graduating in 1989, Jarnot came back to Vail and became an intern in the
marketing department with then Vail Associates. Since then, he has held numerous
positions with Vail, including director of advertising and direct marketing,
director of reservations, and vice president of marketing for Vail and Beaver
Creek and vice president of sales and marketing for Vail Resorts. He currently
serves on the board of directors of Specialty Sports Venture and the Beaver
Creek Resort Company. He and his wife, Shelly, and their three children will
relocate to the Vail Valley.
The
Company will begin a search immediately for a senior vice president of marketing
and sales. In the interim, Chief Executive Officer Rob Katz will oversee sales
and marketing for the Company.
About
Vail
Resorts
Vail
Resorts, Inc. is the leading mountain resort operator in the United States.
The
Company's subsidiaries operate the mountain resorts of Vail, Beaver Creek,
Breckenridge and Keystone in Colorado, Heavenly in California and Nevada, and
the Grand Teton Lodge Company in Jackson Hole, Wyo. The Company's subsidiary,
RockResorts, a luxury resort hotel company, manages casually elegant properties
across the United States. Vail Resorts Development Company is the real estate
planning, development and construction subsidiary of Vail Resorts, Inc. Vail
Resorts is a publicly held company traded on the New York Stock Exchange (NYSE:
MTN). The Vail Resorts company website is www.vailresorts.com and
consumer website is www.snow.com.