Greg Sullivan
VAIL RESORTSAbout Greg Sullivan
Gregory J. Sullivan, age 54, is Executive Vice President, Retail/Rental & Hospitality at Vail Resorts (MTN). He joined Vail Resorts in September 2016 as COO of Rental & Retail, became SVP Retail & Hospitality in June 2021, and has served as EVP since October 2022 . Sullivan holds an MBA from the University of Denver and a BA from the University of Washington, and previously led large-scale retail operations at Walmart (Division President) and transformation at Crocs . Company performance context for fiscal 2025: net revenue rose 2.7% to $2,964.3M, Resort Reported EBITDA increased 2.3% to $844.1M, and net income rose 21.2% to $280.0M; the pay-versus-performance table shows a TSR index value of 90.74 in 2025 (based on a $100 initial value from 2020) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vail Resorts | EVP, Retail/Rental & Hospitality | Oct 2022–present | Executive oversight of retail, rentals, and hospitality; growth and customer experience focus |
| Vail Resorts | SVP, Retail & Hospitality | Jun 2021–Oct 2022 | Senior leadership across retail and hospitality operations |
| Vail Resorts | COO, Rental & Retail | Sep 2016–Jun 2021 | Operational leadership for rentals and retail network |
| Crocs, Inc. | SVP, Global Business Transformation | Not disclosed | Enterprise transformation initiatives |
| Walmart | Division President (culmination of 20-year career) | 20 years (dates not disclosed) | Large-scale retail operations leadership in Southeast Division |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| SOS Outreach | Board of Directors | Not disclosed | Non-profit service engagement |
| American Diabetes Association | Council member, Executive Leadership Development | Not disclosed | Leadership development council |
Fixed Compensation
- Individual base salary, target bonus, and paid bonus for Greg Sullivan are not disclosed (he is not a named executive officer in the Summary Compensation Table) .
- Executive program elements include base salary, an annual Management Incentive Plan (MIP), long-term equity (RSUs and SARs), and limited perquisites; design emphasizes pay-for-performance and at-risk pay .
Perquisite Fund Program Allowances (executive policy)
| Role | Annual Allowance ($) |
|---|---|
| Executive Vice President (excluding CFO) | $40,000 |
| Chief Financial Officer | $50,000 |
| CEO/Chairperson | $80,000 |
Performance Compensation
Company MIP structure and fiscal 2025 outcome (applies to executives; CEO has different participation rules in 2025)
| Item | Detail |
|---|---|
| Primary MIP metric | Resort Reported EBITDA (Mountain + Lodging) |
| 2025 target | $866.0M |
| Threshold / max | 80% → 15% funding; 120%+ → 200% funding |
| Actual achievement (FY25) | 99.20% of target |
| Funding level | 92.00% of target |
| Individual performance modifier (non-CEO participants) | 0%, 50%, 100%, 120%, or 130% of funded amount |
Long-term incentives (structure)
- RSUs and SARs generally vest in equal annual installments over three years; SARs are granted at or above market (Premium SARs used for CEO) .
Equity Ownership & Alignment
- Executive stock ownership guidelines: CEO 6x base salary; CFO 3x; Presidents 3x; Executive Vice Presidents 2x; until compliant, executives must retain at least 75% of net shares from RSU vesting or SAR exercise; unearned performance awards and unexercised options do not count .
- Anti-hedging/pledging: executives and directors are prohibited from hedging, short-selling, derivatives, and pledging shares; subject to insider trading policy and blackout periods .
- Individual beneficial ownership for Greg Sullivan is not disclosed in the proxy’s security ownership table (select directors/NEOs are listed; executives as a group hold 418,453 shares = ~1.2% of shares outstanding) .
Stock Ownership Guidelines for Executives
| Title | Multiple of Base Salary |
|---|---|
| Chief Executive Officer | 6x |
| Chief Financial Officer | 3x |
| Presidents | 3x |
| Executive Vice Presidents | 2x |
Employment Terms
Executive severance policy (category-level terms relevant to EVP role):
- Without change in control: covered executives receive one year of base salary; CEO receives two years .
- Following change in control: CEO receives two years base salary plus prior-year bonus; executive vice presidents, senior executive vice presidents, and division presidents receive one year base salary plus prior-year bonus; vice presidents and senior vice presidents receive one year base salary .
- Equity acceleration: outstanding SARs/RSUs fully accelerate upon change in control if awards are not assumed/replaced, or upon termination without cause within 12 months post-change-in-control .
- No excise tax gross-ups and no single-trigger automatic cash payments/benefits; change-in-control benefits are double-trigger .
- Clawback policy: Company will recoup incentive compensation (cash and equity) from executive officers upon financial restatement; policy filed with 10-K (Exhibit 97.1) .
Investment Implications
- Alignment: EVPs are subject to 2x salary stock ownership guidelines and strict anti-hedging/pledging, reducing misalignment risk and forced-sale leverage risk; mandated 75% net-share retention until compliant further aligns incentives .
- Incentive levers: Annual pay is tied to Resort Reported EBITDA, with a linear funding curve and individual modifiers—promotes profitability and cost discipline in Retail/Rental & Hospitality while balancing individual execution .
- Retention/transition economics: EVP-level severance terms (double-trigger CIC with base salary + prior-year bonus; equity acceleration if not assumed or upon qualifying termination) provide institutional continuity but limit windfall structures; absence of excise tax gross-ups and single-trigger payouts is governance-friendly .
- Corporate context: Fiscal 2025 delivered modest top-line and EBITDA growth with strong net income expansion; say-on-pay support was ~98%, and compensation practices are benchmarked against a leisure/travel/hospitality peer set (e.g., Hyatt, Wyndham, Six Flags/United Parks, Travel + Leisure, Wynn)—all supportive of investor confidence in incentive design .
Note: Greg Sullivan’s specific cash compensation, individual MIP targets/payouts, equity grants/vesting amounts, and share ownership breakdown are not disclosed in the proxy (non-NEO). The analysis reflects company-wide policies and category-level provisions applicable to EVP roles, with exact individual terms subject to Company implementation.