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If activist Oasis's plan for Vail Resorts is right, why isn't CEO Rob Katz already running it?
Vail's proxy says he is. In August Katz told Oasis that almost every action Vail took in the past year was fully aligned with the feedback Oasis gave in July 2025. One action on his list: a CEO change. That CEO is Katz himself, back since May 22, 2025, before Oasis's July feedback.
Fiscal 2026 was weak. Vail says weather was the main cause. Vail's resort-level earnings before interest, taxes, depreciation and amortization (Resort Reported EBITDA) fell 11.7% to $745.7 million. And season-pass units sold through September 18 for the coming season were down about 12% from a year earlier.
On June 18, when SEMAFOR reported Oasis was weighing a proxy fight, the stock closed up 11.4% but gave most of that gain back by June 25. Likely contributors: short covering, talk of selling mountains and a billionaire's push to buy Vail's Park City resort.
Oasis, with about 9.6% of Vail, wants two of the nine board seats. Its nominees, former Disney CEO Robert Chapek and M. Ashton Hudson, will stand against Vail's nine nominees on December 14.
We weigh who holds the chair and who screens new directors. Katz is both CEO and chair. He has led Vail as CEO or Executive Chairperson for 20 years.
Oasis's proxy says he met the first three candidates it sent him in August with no other director present. Nominating chair Peter Vaughn joined Katz's interviews in October.
Oasis asks holders to withhold votes from Vaughn and Michele Romanow. Its proxy objects that Katz "once again holds both the Chair and CEO roles." Its card asks for no vote against him.
Baron Capital, the largest holder at 18.3%, backs management. So my expectation, unless a proxy adviser recommends Chapek: no settlement before December 14 and all nine Vail nominees elected.
Which would do more to restart Vail's pass sales: two Oasis directors, or a chair who isn't Rob Katz?
🔗 Source: Exclusive / Activist Weighs Proxy Fight at Vail Resorts
