The ALTERRA SUCKS Thread

[crystalmountainskier]

Indeed. I figure he is reading the tea leaves that the next year is going to be very bad. But only he knows. Maybe he is returning to Live Nation, another universally loved company.

Maybe they should dump some more money into low elevation lifts at Deer Valley that will sit idle next season (while main lifts at Sugarbush are barely operating).

One of the detaches has sat for two years without running a single day. Another just one year. Several others just ran a handful of days. And they're building another in the base this summer.

Not Alterra's money though.

 

[thetrailboss]

One of the detaches has sat for two years without running a single day. Another just one year. Several others just ran a handful of days. And they're building another in the base this summer.

Not Alterra's money though.

The ski infrastructure is their money, mostly. Some Extel.

The hotels and real estate are not. That had been reported.

 

[thetrailboss]

So Stuart Winchester is reporting that the departure is immediate, despite statements to the contrary.

Jared Smith to Exit as Alterra CEO

Tenure included huge expansion at Deer Valley, multiple resort acquisitions, and sizable expansion of Ikon Pass roster

www.stormskiing.com

Despite the end-of-season timeline that Alterra provided, Smith appears to be finished as day-to-day leader. A press release indicated that representatives from Alterra’s two parent companies - KSL Capital Partners and Henry Crown & Company, which also owns Aspen Skiing Company - would “function as an Office of the CEO,” in collaboration with former Alterra CEO Rusty Gregory to “lead the company’s day-to-day operations through the end of the season and until a new CEO is appointed.”

I am not sure as to what Alterra statement came first--the "all is OK, Jared is going to assist with the transition until the end of the year" or the he is no longer operating the day-to-day operations comment. It is not the first time that Alterra has downplayed negative news and tried to spin things. Regardless, I think it is a clear reflection that this season has been bad for business and it comes on the heels of one if not two seasons of sluggish IKON sales. Will someone from AZ take it over?

 

[jimmywilson69]

I'm in!

they can pay me 1/3 as much. And I get to appoint a "communal" Alpinezone seat on the board of directors. Oh and 10 ikon passes to give out.

 

[jaytrem]

The ski infrastructure is their money, mostly. Some Extel.

If true, that would be VERY surprising since they held all the cards when the negotiations happened. Unfortunately we'll never know how much they each side chipped in.

 

[BenedictGomez]

The press release says he's stepping down. He's also going to be a "resource" for the next year to allow for a "seamless transition" once the new CEO is chosen. You don't usually stay on as an advisor for a year if you were fired...

It's actually extremely common, I've been involved with several. A "firing" that isn't officially ever going to be called a firing. Or yes, it's possible he's willfully stepping down.

Either way, he will probably be paid a 12 month "consulting" fee during the transition, most of that work will be done in the first 3 or 4 months, and my guess is it's on the order of $10,000 to $20,000 per month for doing almost nothing. It's good to be the king.

 

[x10003q]

It's actually extremely common, I've been involved with several. A "firing" that isn't officially ever going to be called a firing. Or yes, it's possible he's willfully stepping down.

Either way, he will probably be paid a 12 month "consulting" fee during the transition, most of that work will be done in the first 3 or 4 months, and my guess is it's on the order of $10,000 to $20,000 per month for doing almost nothing. It's good to be the king.

This. They are saving face for both sides.