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
28, 2006
Vail
Resorts, Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or other jurisdiction
of
incorporation)
|
1-9614
(Commission
File
Number)
|
51-0291762
(IRS
Employer
Identification
No.)
|
|
137
Benchmark Road Avon, Colorado
(Address
of principal executive offices)
|
81620
(Zip
Code)
|
|
Registrant’s
telephone number, including area code:
|
(970)
845-2500
|
Not
applicable
(Former
name or former address, if changed since last report)
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
[
]
Soliciting materials pursuant to Rule 14a-12 under the Exchange Act
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
Item
5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
On
January 30, 2006, Vail Resorts, Inc. (the “Company”) announced that Adam Aron
was resigning his positions as Chief Executive Officer and Chairman of the
Board
of Directors of the Company effective June 28, 2006. During the transition,
the
members of the Executive Committee of the Company’s Board of Directors (other
than Mr. Aron) — Rob Katz (the Company’s lead director) and Joe R. Micheletto —
will step up their oversight and direct involvement in key decisions being
made
at the Company.
Item
9.01 Financial Statements and Exhibits.
(c)
Exhibits. The following exhibits are filed herewith:
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release, dated January 30, 2006.
|
SIGNATURE
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.
|
Dated:
January 30, 2006
|
Vail
Resorts, Inc.
|
|
By: /s/
Martha
D. Rehm
|
|
|
Martha
D. Rehm
|
|
|
Senior
Vice President and General Counsel
|
Exhibit
99.1
FOR
IMMEDIATE RELEASE
Vail
Resorts Contacts:
Media
Relations: Kelly Ladyga, (970) 845-5720, kladyga@vailresorts.com
Investor
Relations: Jeff Jones, CFO, (970) 845-2552, jwjones@vailresorts.com
VAIL
RESORTS CHAIRMAN AND CEO TO STEP DOWN ON JUNE 28, 2006 - ON HIS TENTH
ANNIVERSARY WITH VAIL RESORTS
VAIL,
Colo.—January 30, 2006—Vail Resorts, Inc. (NYSE: MTN) announced today that
Chairman and CEO Adam Aron has decided to resign effective June 28, 2006. Mr.
Aron selected the June 28 date, as it marks his 10th anniversary of agreeing
to
serve as Chairman and CEO of the Company.
During
the five-month interim period, Mr. Aron will work closely with the Company’s
Board of Directors to ensure a well-run and seamless transition. Mr. Aron also
said he intends to make himself available to be of counsel or assistance to
the
Company, as requested by the Board, after June 28.
The
Company’s Board of Directors will immediately commence a search for Aron’s
successor, which will include external and internal candidates. During the
transition, the members of the Executive Committee of the Vail Resorts Board
of
Directors will step up their oversight and direct involvement in key decisions
being made. Other than Mr. Aron, the Executive Committee is comprised of Robert
A. Katz, the Company’s Lead Director, and Joe R. Micheletto. As both are
long-time directors of Vail Resorts, each has had significant roles in the
Company’s strategic direction.
Commenting
on the announcement, Aron said, “For me, this is an exciting and obviously
personal announcement. I have immensely enjoyed every minute of what will
ultimately be my ten-year tenure as Chairman and CEO of Vail Resorts. And I
am
grateful to the countless individuals who have been so kind to me along the
way
and so instrumental in Vail Resorts success. My continued commitment to Vail
Resorts runs deep, as does my affection for the Vail Valley where I have lived
for a decade. Accordingly, I will purchase as planned my Arrabelle residence
in
Vail, knowing with certainty that my strong connection to Colorado will extend
for the remainder of my life.”
-more-
Aron
added, “It may be somewhat poetic to step down on my tenth anniversary, but I
have long-admired professional athletes who ‘go out on top.’ This ten-year mark
at Vail Resorts seems to fit that bill, and I am truly excited by the
opportunities that appear to be open to me in what will become the next chapter
of my life. In helping to bring Vail Resorts to its current position, some
four
times the size it was upon my arrival and clearly the nation’s preeminent
mountain resort operator, I am enormously proud of the progress that has been
made. I have achieved and experienced more than I ever imagined would be
possible here. In its simplest terms, I have had a great run. At the same time,
I remain a large individual shareholder of Vail Resorts, and have extraordinary
confidence in its future.”
Robert
Katz, Vail Resorts’ Lead Director also commented on the announcement, “Having
worked closely with Adam Aron since 1996, and on behalf of the entire Board
of
Directors, I genuinely want to thank him for his impressive leadership and
management of Vail Resorts for the past ten years. He has overseen numerous
critical improvements and expansions to the Company’s resorts, and he has
brought a new level of sophistication to the mountain resort industry. We are
proud that Adam put together a deep and experienced management team, which
keeps
the Company strong and in excellent shape for the future. We are grateful that
Adam will be with us through a transition, and wish him nothing but the best
for
his future plans.”
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 websites are www.snow.com
and
www.rockresorts.com.