Lynanne Kunkel
Executive Vice President, Chief Human Resources Officer & Chief Transformation Officer at 
VAIL RESORTS
VAIL RESORTSExecutive
About Lynanne Kunkel
Lynanne Kunkel is Executive Vice President, Chief Human Resources Officer (since May 2017) and Chief Transformation Officer (since October 2024) at Vail Resorts (MTN), age 58 . Her scope expanded in FY2025, leading the Transformation Office and the resource efficiency plan; management set pay-for-performance with Resort Reported EBITDA as the company-wide MIP metric—FY2025 achieved 99.20% of target, funding MIP at 92.00% for eligible executives, with her individual performance modifier at 100% . She previously held global HR leadership roles at Whirlpool and Procter & Gamble and currently serves externally as Executive Chair for the Gartner CHRO Global Leadership Board and Advisor to TeamSense .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Whirlpool Corporation | Senior Vice President of Global Human Resources; Vice President of Global Talent Development & HR Asia; HR VP North America | 2009–2017 | Led global HR and talent agenda supporting operational scale and performance . |
| Procter & Gamble | HR Director, Global Home Care; various HR roles | 1989–2009 | Drove business HR, talent acquisition/management, leadership development, organizational effectiveness, and talent analytics . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gartner CHRO Global Leadership Board | Executive Chair | Current | Global CHRO leadership convening; thought leadership in HR and transformation . |
| TeamSense (HR technology start-up) | Advisor to the CEO | Current | Advisory support on HR-tech product and adoption . |
Fixed Compensation
| Metric | FY 2025 |
|---|---|
| Approved Base Salary ($) | $567,736 |
| Salary Earned ($) | $566,392 |
| All Other Compensation ($) | $42,676 (includes 401(k) $10,589; supplemental life insurance $900; supplemental disability $5,695; executive perquisite fund usage $25,492) |
Notes:
- Executive perquisite fund allowance for Executive Vice Presidents was $40,000 in FY2025, used for lodging, ski school, and discretionary spending; amounts reported reflect incremental cost to the Company .
Performance Compensation
Annual MIP (Management Incentive Plan)
| Metric | FY 2025 |
|---|---|
| Target Annual MIP Award (% of base) | 75% (up from 50% in FY2024 due to expanded role) |
| Resort Reported EBITDA – Target ($) | $866.0 million for 100% funding |
| Resort Reported EBITDA – Actual (% of target) | 99.20% → 92.00% funding |
| Individual Performance Modifier | 100% |
| MIP Payout ($) | $391,738 (calculated as Target Award × 92% × 100%) |
| Payout Timing | Approved September 2025; paid October 2025 |
Funding scale reference:
- 80% threshold → 15% funding; 100% → 100% funding; 120%+ → 200% funding .
Equity Awards Granted (FY 2025 annual cycle)
| Instrument | Grant Date | Shares/Units (#) | Exercise/Base Price ($) | Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| RSUs | 9/27/2024 (approved 9/25/2024) | 4,001 | n/a | $652,896 | Equal annual installments over 3 years, beginning 1st anniversary |
| SARs | 9/27/2024 (approved 9/25/2024) | 14,754 | $180.61 | $652,896 | Equal annual installments over 3 years, beginning 1st anniversary; expiration 9/27/2034 |
Equity mix rationale: RSUs and SARs are structured to balance retention and performance leverage; RSUs deliver value in weaker markets while SARs provide upside tied to stock appreciation .
Equity Vesting/Realization (FY 2025)
| Item | FY 2025 |
|---|---|
| SARs Exercised (#) | 0 |
| Value Realized on SARs Exercise ($) | — |
| RSUs Vested (#) | 2,618 (aggregate across grants) |
| Value Realized on RSU Vesting ($) | $477,193 |
Equity Ownership & Alignment
Beneficial Ownership and Outstanding Awards
| Component | Amount | Reference |
|---|---|---|
| Common Stock Directly Owned (as of Form 3) | 6,860 | |
| Unvested RSUs (as of 7/31/2025) | 1,031 (9/29/2022 grant); 2,046 (9/29/2023 grant); 4,001 (9/27/2024 grant) | |
| Market Value of Unvested RSUs (as of $150.26 close on 7/31/2025) | $154,918; $307,432; $601,190 | |
| SARs Exercisable (as of 7/31/2025) | 7,180 (9/29/2022); 3,392 (9/29/2023); plus earlier grants 1,873 (2017), 3,165 (2017), 3,199 (2018), 5,542 (2019), 7,567 (2020), 5,815 (2021) | |
| SARs Unexercisable (as of 7/31/2025) | 3,590 (9/29/2022); 6,784 (9/29/2023); 14,754 (9/27/2024) | |
| Pledging/Hedging | Prohibited for executive officers under Insider Trading Policy | |
| Stock Ownership Guidelines | Executive Vice Presidents: 2× base salary; must retain ≥75% of net shares until guideline met; shares/plan holdings and intrinsic value of vested equity count toward guideline | |
| Compliance Status | Not disclosed in proxy excerpts reviewed |
RSU Vesting Schedule (Unvested as of 7/31/2025)
| Grant Date | Units (#) | Vesting Schedule | Full Vest Date |
|---|---|---|---|
| 9/29/2022 | 1,031 | Equal annual installments over 3 years | 9/29/2025 |
| 9/29/2023 | 2,046 | Equal annual installments over 3 years | 9/29/2026 |
| 9/27/2024 | 4,001 | Equal annual installments over 3 years | 9/27/2027 |
SAR Unexercisable Vesting Schedule (as of 7/31/2025)
| Grant Date | Unexercisable SARs (#) | Vesting Schedule | Full Vest Date |
|---|---|---|---|
| 9/29/2022 | 3,590 | Equal annual installments over 3 years | 9/29/2025 |
| 9/29/2023 | 6,784 | Equal annual installments over 3 years | 9/29/2026 |
| 9/27/2024 | 14,754 | Equal annual installments over 3 years | 9/27/2027 |
Section 16 baseline (Form 3): RSU grant history and SARs with exercise prices and expirations detailed; most SAR tranches vest 1/3 annually and expire between 2027 and 2034 .
Employment Terms
| Executive Benefits and Payments | Termination without Cause or Resignation for Good Reason ($) | Termination without Cause or Resignation for Good Reason following Change in Control ($) |
|---|---|---|
| Base Salary | $567,736 | $567,736 |
| SAR/RSU Acceleration | — | $1,063,540 (assumes $150.26 share price on 7/31/2025) |
| MIP Award | — | $391,738 |
| Health Insurance | — | — |
| Total | $567,736 | $2,023,014 |
Notes:
- Benefits triggered upon termination without cause or resignation for Good Reason apply in the same manner following a change in control if new owners are bound by the executive severance policy; accelerated vesting values based on $150.26 close on 7/31/2025 .
Investment Implications
- Pay-for-performance: Her MIP is strictly anchored to company-wide Resort Reported EBITDA with a defined funding scale; FY2025 payout at 92% of target underscores aligned incentives to EBITDA delivery and cost discipline .
- Increased at-risk pay with expanded scope: Target MIP rose from 50% to 75% upon assuming CTO oversight, increasing variable exposure and signaling confidence in transformation execution .
- Predictable vesting windows and potential selling pressure: RSUs and SARs vest annually on late September each year; FY2025 saw 2,618 RSUs vest and no SAR exercises, creating predictable trading-window events around vest dates; tax withholding typically reduces net shares issued on vest .
- Strong alignment and governance mitigants: Prohibitions on hedging and pledging, plus executive stock ownership guidelines (EVP 2× salary; 75% net-share retention until met), reduce misalignment and leverage risk; however, explicit compliance status for Kunkel was not disclosed in the excerpts reviewed .
- Retention risk: Significant unvested RSUs/SARs through 2027 and meaningful accelerated vesting value under change-in-control support retention and could influence behavior in strategic events; potential payments total ~$2.0 million under CIC scenarios as modeled in the proxy .
- Equity mix and transformation mandate: Balanced RSU/SAR grants provide retention value and performance leverage; the CTO mandate on resource efficiency suggests KPI focus on EBITDA and margin improvement consistent with MIP design .