Angela Korch
VAIL RESORTSAbout Angela Korch
Angela A. Korch, age 46, has served as Executive Vice President and Chief Financial Officer (CFO) of Vail Resorts (MTN) since December 2022, overseeing the financial health and growth of 42 mountain resorts across four countries . She previously served as CFO of CorePower Yoga (May 2020–Dec 2022), spent over a decade at Vail in finance leadership (most recently VP of Corporate & Mountain Finance), and began her career as an Assistant Portfolio Manager at Muzinich & Company (2003–2010). She holds an MBA in Finance from NYU Stern, is a CFA charterholder, and has a BS from Cornell University . Company performance in FY2025: net revenue increased by $79.2 million (+2.7% YoY) to $2,964.3 million and Resort Reported EBITDA rose 2.3% to $844.1 million, reflecting stronger operations and cost-efficiency initiatives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Muzinich & Company | Assistant Portfolio Manager | 2003–2010 | Investment management experience; portfolio analysis and credit markets exposure |
| CorePower Yoga | Chief Financial Officer | May 2020–Dec 2022 | Led finance for national studio operator; operational finance and growth support |
| Vail Resorts | VP Corporate & Mountain Finance (and other Finance leadership roles) | Not disclosed | Led capital allocation strategies, transformed core processes, and integral to integrating 30+ resorts |
External Roles
No public company board roles or external directorships disclosed for Korch .
Fixed Compensation
| Component | FY2025 Value | Notes |
|---|---|---|
| Base Salary | $607,700 | Approved base salary for FY2025 |
| Target Bonus % (MIP) | 75% of base salary | Annual cash incentive target |
| Actual FY2025 MIP Paid | $419,313 | Paid at 92% of target funding and 100% individual modifier |
| Perquisite Fund Allowance | $50,000 | Annual allowance for lodging, ski school and discretionary resort spend |
| Perquisite Fund Usage (FY2025) | $10,230 | Actual personal-use spend reported |
| 401(k) Company Contribution | $10,638 | Employer contribution |
| Supplemental Life Insurance Premium | $900 | Company-paid |
| Supplemental Disability Insurance Premium | $4,220 | Company-paid |
Performance Compensation
Annual MIP Design, Metrics and FY2025 Outcome
| Metric | Target | Actual/Performance | Funding/Payout Mechanics | FY2025 Payout |
|---|---|---|---|---|
| Resort Reported EBITDA | $866.0 million | 99.20% of target achieved | Funding scaled: 80%→15%, 90%→25%, 95%→50%, 100%→100%, 110%→175%, 120%→200% | $419,313 (92% of target funding × 100% individual modifier) |
- Company-wide MIP funding is driven by Resort Reported EBITDA; CEO awards are funded solely by company performance, other NEOs include individual performance modifiers .
- FY2025 funding outcome: 92.00% of target (99.20% of EBITDA target achieved) .
Long-Term Equity Awards (FY2025 grants and structure)
| Award Type | Grant Date | Number Granted | Grant Date Fair Value | Vesting | Exercise Price (if SARs) |
|---|---|---|---|---|---|
| RSUs | 2024-09-27 | 4,631 | $755,763 | 3 equal annual installments starting 1st anniversary | |
| SARs | 2024-09-27 | 17,079 | $755,763 | 3 equal annual installments starting 1st anniversary | $180.61 |
- Additional outstanding awards from prior years (still vesting on 3-year schedules): RSUs of 2,391 (granted 2023-09-29) and 881 (granted 2023-02-01) ; SARs of 7,930 (granted 2023-09-29, $221.89), and 1,667 (granted 2023-02-01, $262.31) .
- MTN uses RSUs and SARs; SARs only have value if stock price exceeds exercise price; RSUs and SARs vest ratably over three years . No equity repricing without shareholder approval; CEO awards use premium SARs to align with stockholder returns .
FY2025 Grants of Plan-Based Awards (detail)
| Grant Date | Type | Quantity | Exercise/Base Price | Grant Date Fair Value |
|---|---|---|---|---|
| 2024-09-27 | RSUs | 4,631 | n/a | $755,763 |
| 2024-09-27 | SARs | 17,079 | $180.61 | $755,763 |
Equity Ownership & Alignment
- Beneficial Ownership: 4,905 shares; less than 1% of outstanding .
- Outstanding/unvested RSUs at FY2025 year-end: 881 (granted 2023-02-01; vest fully by 2026-02-01), 2,391 (granted 2023-09-29; vest fully by 2026-09-29), 4,631 (granted 2024-09-27; vest fully by 2027-09-27) .
- Outstanding unexercisable SARs at FY2025 year-end and full vest dates: 1,667 (granted 2023-02-01; fully vest 2026-02-01 at $262.31), 7,930 (granted 2023-09-29; fully vest 2026-09-29 at $221.89), 17,079 (granted 2024-09-27; fully vest 2027-09-27 at $180.61) .
- Stock Ownership Guidelines: CFO required to hold 3x base salary; until met, must retain at least 75% of net shares from vesting/exercise; unearned performance awards and unexercised options do not count . Company states all NEOs are in compliance with ownership guidelines .
- Hedging/Pledging: Prohibited under Insider Trading Policy (short sales, derivatives, hedging transactions, and pledging/margin accounts barred) .
Employment Terms
- Employment Agreements: No active employment agreement for NEOs at FY2025 year-end (CEO entered agreement in Sept 2025; not applicable to Korch) .
- Executive Severance Policy: For qualifying terminations without Cause or for Good Reason, EVPs are entitled to one year base salary; following a change-in-control, EVPs receive one year base salary plus an amount equal to most recent bonus; equity accelerates only if awards are not assumed/replaced or upon termination without Cause within 12 months post-change-in-control (double trigger) .
- Angela Korch Potential Payments (as of 2025-07-31):
- Termination without Cause or Resignation for Good Reason: $607,700 (base salary)
- Following Change-in-Control: $607,700 (base), $1,187,505 (SAR/RSU acceleration), $419,313 (MIP award), total $2,214,518 .
- Clawback Policy: Company will seek recoupment of incentive-based compensation (cash and equity) for 3 years prior to any material restatement, regardless of executive fault .
Performance & Track Record (context under CFO tenure)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenues ($) | $2,889,364,000 | $2,885,191,000 | $2,964,300,000 |
| Resort Reported EBITDA ($) | $834,837,000 | $825,090,000 | $844,136,000 |
- FY2025 highlights: net revenue up 2.7% ($79.2m), net income up 21.2% ($280.0m), Resort Reported EBITDA up 2.3% ($844.1m), and progress toward $100m annualized cost efficiencies by end of FY2026; $270m share repurchases in FY2025 at ~$163 average price .
- CFO role includes oversight of multi-country resort portfolio, strategic planning, analytics, investment management, acquisitions and integrations; led integration of 30+ mountain resorts in prior roles at Vail .
Compensation Structure Analysis
- Pay Mix: Significant emphasis on variable/at-risk compensation (MIP + RSUs/SARs); SARs align with shareholder value as they require stock appreciation above exercise price .
- Performance Metric: MIP funded solely by Resort Reported EBITDA—a margin-centric metric—promoting operational efficiency and capital discipline .
- Ownership Alignment: Strict stock ownership guidelines (3x salary for CFO), retention of 75% of net shares until guideline met, and prohibition of hedging/pledging reduce misalignment risk .
- Peer Benchmarking: Compensation peer group includes leisure/travel/gaming/hospitality firms (e.g., Hyatt, Wyndham, Wynn, Norwegian Cruise Line, Six Flags/United Parks, Marriott Vacations, Travel + Leisure Co., etc.) .
Equity Award Vesting Schedules (specific dates)
| Award | Grant Date | Vesting Fully On | Quantity | Notes |
|---|---|---|---|---|
| RSU | 2023-02-01 | 2026-02-01 | 881 | 3 equal annual installments |
| RSU | 2023-09-29 | 2026-09-29 | 2,391 | 3 equal annual installments |
| RSU | 2024-09-27 | 2027-09-27 | 4,631 | 3 equal annual installments |
| SAR | 2023-02-01 | 2026-02-01 | 1,667 | $262.31 exercise price |
| SAR | 2023-09-29 | 2026-09-29 | 7,930 | $221.89 exercise price |
| SAR | 2024-09-27 | 2027-09-27 | 17,079 | $180.61 exercise price |
Governance and Shareholder Feedback
- Say-on-Pay Support: ~98% approval at 2024 annual meeting, reflecting strong shareholder support for executive compensation program .
- Directors and Executives Insider Policy: Prohibits hedging and pledging; anti-hedging safeguards widely applied to senior leadership .
Supplemental Company Performance (for CFO benchmarking)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenues ($) | $2,889,364,000 * | $2,885,191,000 * | $2,964,347,000 * |
| EBITDA ($) | $831,662,000* | $819,227,000* | $841,239,000* |
Values retrieved from S&P Global.
Note: Public company performance reconciliation of Resort Reported EBITDA vs GAAP presented in Appendix A of proxy; Resort Reported EBITDA in FY2025 was $844,136,000 .
Investment Implications
- Alignment: Ownership guidelines (3x salary), 75% net-share retention, and anti-hedging/pledging policies support pay-for-performance alignment and reduce misalignment risks .
- Retention and Change-in-Control: Executive severance policy offers one year salary plus last bonus upon change-in-control for EVPs, with equity acceleration only on double trigger—moderating immediate single-trigger windfalls and encouraging continuity .
- Near-Term Equity Events: Substantial RSU/SAR tranches vest through 2026–2027; while retention requirements mitigate discretionary selling, scheduled vesting increases the cadence of equity settlements and potential tax-driven share withholding .
- Performance Focus: MIP tied to Resort Reported EBITDA links Korch’s cash incentives to margin expansion and operational efficiency—consistent with the company’s resource efficiency plan and FY2025 cost delivery trajectory .