Salt Lake City(ABC4) — Alterra Mountain announced Tuesday that its chief executive will step down at the end of the season, bringing in new leadership to the company.
CEO Jared Smith will step down after this season, but he will stay on next year to serve as a resource for his successor to help with the transition. The company has not yet announced who will take over.
Alterra Mountain Company operates Ikon Pass and owns Deer Valley and Solitude ski resorts in Utah. Most recently, the company announced it would invest more than $400 million in Deer Valley “to support a transformative expansion of the resort, enhancements to on-mountain infrastructure and meaningful improvements to employee benefits and housing,” Alterra said.
Bad snow conditions in West hit Utah ski industry
Until a new CEO is appointed, the Executive Committee of the Board of Directors will serve as the office of the CEO and lead day-to-day operations.
Eric Resnick, Chairman of the Alterra Mountain Company Board of Directors and CEO of KSL Capital Partners, said: “On behalf of the Board, I am proud of what Alterra and Ikon Pass have accomplished, expanding guest access and investing heavily in the guest experience while honoring the mountains, communities and people that define each of our destinations. We are committed to stewardship of our mountains and the communities we call home. The best is yet to come.”
This is in a Uncertain times for the ski industryas much of Utah and the Mountain West received below-average snowfall this winter. These poor conditions mean there are fewer skiers on the slopes.
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On Monday, Vail Resorts CEO Rob Katz said it was the worst snowfall in the West in 30 years. Vail also lowered its expected net profit for the current fiscal year to $190 million from the original range of $201-$276 million.
Utah Billionaire and Cloudflare Matthew Prince Publish to X.comaffecting the condition of Vail Resorts and its stock price. He wrote that Vail’s “opening price tomorrow will most likely be down to a hole where you could have put your money down if you invested 10 years ago. Now is the time to make changes, become more asset-light, sell resorts, and bring character and differentiation back to skiing.”
Alterra did not provide a reason for Smith’s resignation, other than to thank him for his contributions to the company and wish him well in his next endeavors.