Cumming Out as CEO at POWDR(Killington)

[sull1102]

John Cumming is out as CEO over at POWDR immediately a week after Vail buys a few mountains, one of which is in direct competition with them.

http://www.saminfo.com/headline-news/9078-cumming-steps-down-as-powdr-chief-co-presidents-named

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[p_levert]

Probably a good thing. Good long term strategy, but poor execution, in particular the Park City fiasco. Not impressed with management of Killington and Eldora.

 

[Killingtime]

Mike Solimano and Jeff Temple keep Killington running. Wouldn’t be surprised if Vail has already tried to poach them away too.

 

[thetrailboss]

John Cumming is out as CEO over at POWDR immediately a week after Vail buys a few mountains, one of which is in direct competition with them.

http://www.saminfo.com/headline-news/9078-cumming-steps-down-as-powdr-chief-co-presidents-named

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Considering that he is the owner, it is not really big news. It is not like he was ousted. He is going to be focusing on his late father's other companies. Fortunately, or unfortunately, that includes Snowbird. My understanding was the Snowbird was to be inherited by John's brother. We shall see what happens.

 

[AdironRider]

Sull seems to just like to bring the heat without paying attention to the details. This is pretty much nothing as TB pointed out, the guy literally owns the joint.

Also, I think Powdr really took a lot of heat as a company for that lease thing, when it was some mid level accountant who solely fucked up the lease. A massive mistake yes, but I think its fair for a CEO to assume his employees have bare minimum level competence. To Cummings credit, to my memory he didn't throw that employee under the bus either.

 

[Jully]

It is certainly interesting that he chooses to step down. More than likely there is nothing to it given the family upheaval this past winter and the multitude of other projects he has, but I do wonder if some things will change in how the company operates. Powdr is a private company that he owns. He certainly wasn't pushed out.

 

[boston_e]

There is some chatter on this over at Killington Zone, including a response from Killilngton management. Sounds as if John is getting busier and busier and delegating responsibilities. No conspiracy or cover up happening.

 

[skiur]

Sull seems to just like to bring the heat without paying attention to the details. This is pretty much nothing as TB pointed out, the guy literally owns the joint.

Also, I think Powdr really took a lot of heat as a company for that lease thing, when it was some mid level accountant who solely fucked up the lease. A massive mistake yes, but I think its fair for a CEO to assume his employees have bare minimum level competence. To Cummings credit, to my memory he didn't throw that employee under the bus either.

IIRC the mid level accountant didn't fuck up, he either got fired or got a new job, which ever it was he left the company, and nobody else was given the task of renewal. Can't blame a guy who doesn't work there anymore, have to place blame on his boss.

 

[AdironRider]

And no mid level accountant reports directly to the CEO. Its not like it even matters, considering they got paid hundreds of millions for the place as a consolation prize.

 

[thetrailboss]

Sull seems to just like to bring the heat without paying attention to the details. This is pretty much nothing as TB pointed out, the guy literally owns the joint.

Also, I think Powdr really took a lot of heat as a company for that lease thing, when it was some mid level accountant who solely fucked up the lease. A massive mistake yes, but I think its fair for a CEO to assume his employees have bare minimum level competence. To Cummings credit, to my memory he didn't throw that employee under the bus either.

I have heard that the lease was due to Cummings firing the person responsible for the lease and nobody was tasked with handling it when it came due.

 

[thetrailboss]

IIRC the mid level accountant didn't fuck up, he either got fired or got a new job, which ever it was he left the company, and nobody else was given the task of renewal. Can't blame a guy who doesn't work there anymore, have to place blame on his boss.

Exactly

 

[AdironRider]

I have heard that the lease was due to Cummings firing the person responsible for the lease and nobody was tasked with handling it when it came due.

I hadn't heard that aspect of it, just that they missed the lease renewal. Certainly moves the responsibility up the chain. The CFO get fired as well? Even still, the flip side is that Cummings needs to basically audit anything business related throughout the entire company?

 

[thetrailboss]

I hadn't heard that aspect of it, just that they missed the lease renewal. Certainly moves the responsibility up the chain. The CFO get fired as well? Even still, the flip side is that Cummings needs to basically audit anything business related throughout the entire company?

He laid off management to cut costs.

 

[AdironRider]

So he was the only manager there?

Did the CFO get shit canned also?

 

[FBGM]

How we not talking about the conspericy theory, or truth, that Vail got to the mid level person in charge of lease renewal. They lined their pocket, told them to forget about lease, expired, lawsuit, Vail gets buyout for cheap. That’s what really happened.

 

[thetrailboss]

How we not talking about the conspericy theory, or truth, that Vail got to the mid level person in charge of lease renewal. They lined their pocket, told them to forget about lease, expired, lawsuit, Vail gets buyout for cheap. That’s what really happened.

Yeah no. Not at all. Vail was not even on the scene in Utah in 2011. The lease was with Talisker. Vail took over the lawsuit in 2014.

 

[AdironRider]

I'd modify the theory that Talisker lined the employees pocket so they could cash in.

 

[mister moose]

Also, I think Powdr really took a lot of heat as a company for that lease thing, when it was some mid level accountant who solely fucked up the lease. A massive mistake yes, but I think its fair for a CEO to assume his employees have bare minimum level competence. To Cummings credit, to my memory he didn't throw that employee under the bus either.

When your flagship resort has a severely under-market lease that is renewable at under-market rates, more than some "mid level accountant" should know about it, and in my opinion, the CEO should have it pasted on his top desk drawer. Any CEO that depends on critical items to be covered by junior staff with no oversight inevitably has trouble.

 

[thetrailboss]

When your flagship resort has a severely under-market lease that is renewable at under-market rates, more than some "mid level accountant" should know about it, and in my opinion, the CEO should have it pasted on his top desk drawer. Any CEO that depends on critical items to be covered by junior staff with no oversight inevitably has trouble.

It is fair to say that this will be a case study in MBA and JD programs for years to come!

 

[sull1102]

Sull seems to just like to bring the heat without paying attention to the details. This is pretty much nothing as TB pointed out, the guy literally owns the joint.

Also, I think Powdr really took a lot of heat as a company for that lease thing, when it was some mid level accountant who solely fucked up the lease. A massive mistake yes, but I think its fair for a CEO to assume his employees have bare minimum level competence. To Cummings credit, to my memory he didn't throw that employee under the bus either.

Lol, was just posting news that might be of interest here. Didn't even offer much insight or opinion just posted the article. I think he just decided now was a good time to delegate some responsibilities and focus on new projects. If the GM was out at K I would be worried about things changing, this doesn't worry me much at all.

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