Vail Resorts Inc. share price has fallen from a high of $US372.51 in Nov. 2021 to $167.66 on Wednesday
The management of the parent company of Whistler Blackcomb is under attack from a disgruntled investor group upset with a significant decline in share price since 2021.
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On Jan. 27, 2025, Late Apex Partners LLC sent a letter to the board of directors of Vail Resorts Inc. claiming the drop in share price from an all-time high of $US372.51 in Nov. 2021 to $175.78 was due to “Vail’s numerous failures across both operations and capital allocation.”
Vail Resorts is Colorado-based. It owns and operates Vail and Beaver Creek in Colorado, Whistler Blackcomb (since 2016), Park City in Utah, Stowe Mountain Resort in Vermont, Heavenly Mountain Resort and Northstar Ski Resort in California and several smaller resorts.
The letter claims Vail CEO Kirsten Lynch has been paid $19 million over the past three years and that the company is called the “Evil Empire” by the core skiing community.
It goes on to state that too much of the company’s cash flow is being paid out as dividends.
To deal with this, and other problems claimed in the letter, Late Apex Partners LLC wants the company to fire the CEO, the CFO, and remove former CEO Rob Katz from the board of directors.
“Vail must clearly identify go-forward strategic priorities, create objective measures of success tied to per-share free cash flow and long-term value creation, and align both insider compensation and employees to those goals,” the letter states.
“Ultimately, this is about Vail returning to its mission to create the experience of a lifetime for employees and guests.”
According to a Vail Resorts spokesperson, “Vail Resorts received this letter from an investor, which was the first communication the company had received from this individual. We engage frequently with our many different shareholders and value their feedback.”
Late Apex Partners LLC did not disclose how many shares it owns. It is not included in the list of Vail Resorts 10 largest shareholders.
Vail Resorts has assets of close to $6 billion and in the 2024 financial year (August to July) had revenues of close to $3 billion.