Vail Resorts, Inc. has announced that chairman and CEO Rob Katz plans to donate roughly $58 million to a newly established donor-advised fund.
Katz plans to sell about 114,000 of the 304,612 shares of Vail Resorts stock he received upon exercising share appreciation rights (SARs) that are approaching their ten-year expiration date, then direct 100 percent of the proceeds from the sale — roughly $25 million at current market prices — to the fund. Katz also plans to donate another 148,000 shares of Vail Resorts stock, valued at approximately $33 million, directly to the fund. The fund will award grants based on the recommendations of Katz and his wife, Elana Amsterdam, including significant contributions to nonprofit social service organizations working in the mountain resort communities where Vail Resorts operates.
"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," said Katz. "We hope the grants can help make a difference by bringing people and programs together around community problems that need solutions."