CEO of Vail Resorts Establishes New Charity
Wednesday, October 4, 2017
Rob Katz, the chairman and CEO of Vail Resorts, Inc., has established a new charitable fund to give back to mountain resorts communities. Pledging $58 million, the new fund will benefit a variety of nonprofits, social service organizations, and more that work to improve the quality of life and environment around some of the nation’s most precious mountain towns and cities.
The funds for the new charity will come from Katz’s share appreciation rights in Vail Resorts, also known as SARs. As these rights are approaching their 10-year expiration date, the CEO will exercise them to allocate approximately $58 million to introduce back into local communities. The grants will be made over a long-term period and will benefit organizations recommended by Katz and his wife Elana Amsterdam.
Katz spoke to the importance of preserving the communities Vail Resorts call home:
“Elana and I are honored to be able to create this new charitable fund to help those who need it most, including support for the mountain resort communities we care so much about. We hope the grants can help make a difference by bringing people and programs together around community problems that need solutions.”
Katz will receive 304,612 shares of Vail Resorts stock from exercising the expiring SARs. Of those, he will sell 114,000 shares and donate 100 percent of the proceeds from that sale to his new charitable fund. Katz will also donate 148,000 of his own shares to the fund to increase its overall assets. In addition to donating money to worthwhile causes, the CEO and Amsterdam will continue to work with local community leaders and Vail Resorts employees to identify critical challenges that communities face and address them appropriately.
For more information on Vail Resorts, Rob Katz, or the new charitable fund, read their full press release.