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Vail President Victim of Cost-Cutting

VAIL, CO-Andrew P. Daly, whose 2001 earnings came largely from $2.1 million from selling stock options, is out as Vail Resorts Inc. streamlines operations to keep costs down in an embattled travel industry.

By John Rebchook | Updated on October 23, 2002

VAIL, CO-In a move that took the industry by surprise, Vail Resorts Inc. is firing its prominent president Andrew P. Daly in a cost-cutting move. Daly will be leaving his position at the end of the month.

Vail Resorts says given the climate in the US travel industry and economy, as well as prospects of war and terrorism, it must evaluate every position to ensure that every employee is necessary. The times require the company to operate as lean as possible, while still taking care of its guests and “living up to the world-class reputations of our resorts.”

“I want to stress that Andy’s separation from Vail Resorts is not for performance reasons, but rather because we feel our company will operate better if it does so with a lower cost structure, and to the extent possible, with fewer layers of management,” Adam Araon, Vail Resorts chairman and CEO tells employees in an internal memo.

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