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Vail Resorts affirmed its fiscal 2025 guidance as it replaced its CEO.Key Takeaways
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Vail Resorts ousted CEO Kirsten Lynch and replaced her with former CEO Rob Katz.
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Katz ran the ski lodge operator from 2006 to 2021.
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Vail Resorts also reiterated its fiscal 2025 guidance.
It's "meet the new boss, same as the old boss" at Vail Resorts (MTN).
Shares of the ski lodge operator jumped 15% Wednesday, a day after the company announced former chief executive and current Executive Chair Rob Katz is replacing CEO Kirsten Lynch. Katz ran Vail Resorts from 2006 to 2021, and Lynch took over after he stepped down. She will remain as an advisor to the company.
Vail Resorts has struggled of late, with skier visits through April 20 having declined 3.1% year-over-year, and fiscal second-quarter results hurt by a patrol strike at its massive resort in Park City, Utah.
Bruce Sewell, Lead Independent Director of the Board, said as the company "continues to execute its strategic priorities and transformational initiatives, the Board believes now is the right time for this leadership transition."
Along with the executive change, Vail Resorts affirmed its guidance given last month, and expects full-year Resort Reported EBITDA to be in the lower half of the March 10 outlook of $841 million to $877 million.
Despite today's gains, Vail Resorts shares are down about 7.5% year-to-date.
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