Activist investor Oasis Management has removed two of its four Vail Resorts board recommendations: Utah-based venture capitalist Bryce Roberts and two-time Olympian and Park City resident Picabo Street.
It’s the latest move in the proxy fight Oasis launched against Vail. That’s when a shareholder tries to replace existing board members and influence a business’s strategy.
The change comes after Vail accused Oasis of working with Park City billionaire and Cloudflare CEO Matthew Prince, creating a conflict of interest for the two Utahns.
Rumors have circulated for months that if Oasis’ fight is successful, it will push Vail to sell some of its resorts. As KPCW first reported, Prince said he wanted to buy the Vail-owned Park City Mountain in 2025, then doubled down on that desire in August.
In a letter to Vail investors, Oasis owner Seth Fischer said the Hong Kong-based hedge fund is “not coordinating with Mr. Prince in any way.” He also said the company’s plan for improving Vail’s performance “does not include moving to an asset-light model.”
Oasis is still pushing to add former Disney CEO Robert Chapek of Florida and Florida-based financier M. Ashton Hudson to the nine-member board. Fischer said, “neither has ever spoken with Prince.”
The hedge fund also released its definitive proxy statement Nov. 2. It urges stockholders to vote for Chapek and Hudson rather than reappointing current members Peter A. Vaughn and Michele Romanow.
The statement also outlines reasons for the proxy fight. Oasis says the guest experience has stagnated, operating performance has deteriorated and the board has failed to provide oversight and accountability. According to the hedge fund, Chapek and Hudson are “well positioned to drive change.”
More specifically, Oasis says Chapek can help enhance the guest experience, product innovation and pricing strategy at resorts while Hudson can strengthen board oversight.
Vail CEO Robert Katz previously told shareholders the board does not endorse Oasis board nominees or Gregory S. Meyer, who nominated himself. The company instead asked shareholders to re-elect all current members.
Shareholders will vote for board members during Vail’s annual meeting Dec. 14. Oasis owns 9.6% of Vail Resorts common stock.
