SALT LAKE CITY (ABC4) — Alterra Mountain Company announced Tuesday that its CEO will be stepping down at the end of the season, bringing in new leadership for the company.

CEO Jared Smith will be stepping down at the end of the season, but he will stay around as a resource to his replacement over the next year to help with the transition. The company has not yet announced who will be taking over.

Alterra Mountain Company runs the Ikon Pass, and it owns Deer Valley and Solitude Ski Resorts in Utah. Recently, it announced that it would be investing more than $400 million in Deer Valley, “to support transformative resort expansions, on-mountain infrastructure enhancements, and meaningful enhancements to employee benefits and housing,” according to Alterra.

Poor snow conditions across the West hit Utah ski industry

Until a new CEO is appointed, an executive committee from the Board will function as the office of the CEO to lead day-to-day operations.

Eric Resnick, Chairman of the Board of Alterra Mountain Company and CEO of KSL Capital Partners, was quoted as saying, “On behalf of the Board, I’m proud of what Alterra and Ikon Pass have accomplished, expanding access for our guests and investing heavily in the guest experience all while honoring the mountains, the communities and the people that define each of our destinations. We embrace our stewardship of the mountains and the communities we call home. The best is yet to come.”

This comes in the midst of an uncertain time for the ski industry, as Utah and most of the Mountainous West has seen below average snowfall this winter. Those poor conditions have meant fewer skiers out on the slopes.

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On Monday, Vail Resorts CEO Rob Katz said that this was the worst snow across the West in 30 years. Vail also lowered its predicted net income for this fiscal year to $190 million, down from the original $201-276 million range.

Utah billionaire and Cloudflare Matthew Prince posted to X.com, weighing in on the state of Vail Resorts and their stock prices. He wrote that Vail is “likely to open tomorrow down to where if you invested 10 years ago, you’d have done as well putting your money into a hole. It’s time for a change to become more asset-light, sell off resorts, and allow character and differentiation to return to skiing.”

Alterra made no indication as to why Smith was stepping down, only thanking him for his contributions to the company and wishing him well in his next endeavors.

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