Vail CEO paid $3.36M for 2008
Aspen, CO Colorado
VAIL, Colo. ” Rob Katz, CEO of Vail Resorts, earned $3.36 million in the last fiscal year, the company said Thursday in a filing with the Securities and Exchange Commission.
The yearly compensation is down from the 2007 fiscal year, when Katz was paid $3.53 million.
Katz’s take for 2008 includes $835,414 in salary, plus stock, stock options, bonuses and other benefits. He gets a perks fund of $70,000 a year to be used at the company’s resorts.
The 41-year-old Katz, who lives in Boulder, was named CEO in February 2006. Previously, Katz had been a partner with Apollo Partners, which took control of Vail Associates in 1992.
Earlier this month, the company also agreed to pay Katz $4.8 million in stock-related compensation if he stays for another three years.
Katz can get up to nearly $3.6 million in compensation if he quits or is fired, the filing says.
John Garnsey, the co-president of Vail Resorts’ Mountain Division and chief operating officer of Beaver Creek, earned $766,996 in compensation last year, including $336,171 in salary, according to Thursday’s filing.
Lift operators get paid $6.32 or $6.85 an hour, according to a Vail Resorts filing with the U.S. Department of Labor in 2007 in which it sought to obtain H-2B visas. The pay range for ski instructors was proposed at $9.06 to $18.05 an hour that year.
Katz, in Vail this week, said advance hotel bookings are down significantly and the company expects to make less money this year.
“There will be less people coming, and even those coming will spend less, even on the higher end,” Katz said Tuesday.
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