Vail reveals top management changes

Vail Resorts has announced that Bill Jensen is
leaving his position as president of the Company’s mountain division and
chief operating officer of Vail Mountain.The move is effective Jan. 31, 2008, as Jensen heads off to
become chief executive officer of Intrawest ULC, based in Vancouver,
British Columbia, Canada, on June 1, 2008.

  “Bill has contributed greatly to the success of Vail Mountain and his
experience has been invaluable for all of our mountain resorts. In addition
he has been a true leader within both the Vail community and the U.S. ski
industry. Bill will be missed by everyone at our company for both his
contributions and experience. At the same time, we understand Bill’s
decision to take on a new role with completely new responsibilities,” said
Rob Katz, chief executive officer of Vail Resorts. “When your Company is
the clear leader, consistently embodying excellence, it is the ultimate
compliment for other companies to be interested in your people. The key is
to have the management talent and strength to allow the Company to continue
on its path. Fortunately, Vail Resorts has that depth,” said Katz.

  The Company simultaneously announced today that John Garnsey, senior
vice president and chief operating officer of Beaver Creek Resort and
Blaise Carrig, senior vice president and chief operating officer of
Heavenly Mountain Resort, have both been promoted to executive vice
president of the Company’s Mountain Division and together will be
responsible for oversight of the entire division. Garnsey will remain chief
operating officer of Beaver Creek Resort and will also have direct
oversight of Vail Mountain. Carrig will remain chief operating officer of
Heavenly and will have direct oversight for both Breckenridge Ski Resort
and Keystone Resort.

  “With more than 60 years of combined expertise in mountain resort
operations, John and Blaise have my full confidence in continuing and
improving upon the success that we have had in our mountain division. Each
of them is innately attuned to providing an exceptional experience for our
guests, as demonstrated by the incredible operating and financial results
at both Beaver Creek and Heavenly. I look forward to working with both of
them as partners in continuing to drive the success of Vail Resorts,” Katz

  Garnsey was appointed senior vice president and chief operating officer
of Beaver Creek in May 1999. Prior to Vail Resorts, Garnsey served as
president of the Vail Valley Foundation from 1991-1999. He served as the
executive vice president for the 1989 World Alpine Ski Championships in
Vail and Beaver Creek and as president of the organizing committee for the
1999 World Championships. Garnsey first came to the Vail Valley in 1974,
working his way up through various mountain operations positions at Vail
Mountain before moving over to the foundation. Garnsey currently serves on
the boards of both the National Ski Areas Association and Colorado Ski
Country USA and is president of the Beaver Creek Resort Company and the
Bachelor Gulch Village Association. He serves on numerous local boards,
including the Vail Valley Foundation and The Vilar Center Foundation.


  Carrig was appointed senior vice president and chief operating officer
of Heavenly Mountain Resort in September 2002. From 1997-2002, Carrig was
the president and managing director of The Canyons in Park City, Utah.
Prior to July 1997, he served as the managing director of Sugarbush Resort
in Warren, Vt. Carrig had held a variety of positions at Sugarbush since
1976, from ski patrol to vice president and general manager. Carrig
currently serves on the executive boards of the California Ski Industry
Association, the Lake Tahoe Visitors Authority, and the Lake Tahoe South
Shore Chamber of Commerce. He is also on the boards of the National Ski
Areas Association and the Tahoe Baikal Institute, an international
environmental organization.

  In addition to the Garnsey and Carrig promotions, ski industry veteran
Chris Jarnot has been named chief operating officer of Vail Mountain.
Jarnot has been senior vice president of marketing and sales for Vail
Resorts since February 2006.

  “It would be hard to find anyone more knowledgeable about everything
that Vail stands for than Chris. He has spent a lifetime growing up,
recreating and working around Vail Mountain and has a deep understanding of
what is so special about the resort. Chris is also keenly aware of how
critical the entire Vail community is to the resort and the importance of
working in partnership to improve upon the entire Vail experience. Chris’s
background also provides him tremendous insight into how to connect with
the Vail guest about everything that the resort and the community have to
offer,” said Katz.

  Having grown up in the Vail Valley, Jarnot has spent his entire career
with Vail Resorts. During holiday breaks throughout college, he worked in
guest services at Beaver Creek, helping to load buses in the resort parking
lots. After graduating in 1989, Jarnot came back to Vail and became an
intern in the marketing department with then Vail Associates. Since then,
he has held numerous positions with Vail, including director of advertising
and direct marketing, director of reservations, and vice president of
marketing for Vail and Beaver Creek and vice president of sales and
marketing for Vail Resorts. He currently serves on the board of directors
of Specialty Sports Venture and the Beaver Creek Resort Company. He and his
wife, Shelly, and their three children will relocate to the Vail Valley.

  The Company will begin a search immediately for a senior vice president
of marketing and sales. In the interim, Chief Executive Officer Rob Katz
will oversee sales and marketing for the Company.