Michael Bo Heitz
About Michael “Bo” Heitz
Michael “Bo” Heitz, 37, has served as Pursuit’s Chief Financial Officer since March 2025 after joining in December 2024 as CFO of the Legacy Pursuit segment; he previously held senior finance and strategy roles at Vail Resorts, with earlier experience in private equity (The Riverside Company) and investment banking (William Blair). Heitz holds a B.S. in Business, Finance from Miami University . Pursuit’s pay-for-performance architecture ties executive incentives to EBITDA, EBITDA margin, and relative TSR, with MIP weighting of 60% EBITDA, 20% EBITDA margin, and 20% strategic objectives; PSUs pay based on TSR percentile vs. Russell 2000, capped at 100% if absolute TSR is negative .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vail Resorts, Inc. (NYSE: MTN) | VP Corporate & Mountain Finance | Dec 2023–Nov 2024 | Led corporate and mountain finance functions |
| Vail Resorts, Inc. | VP Strategic Development, Investor Relations & Corporate FP&A | May 2020–Dec 2023 | Oversaw strategy, IR, and FP&A, supporting capital markets and planning |
| Vail Resorts, Inc. | VP Strategic Development, Investor Relations & Treasury | Oct 2019–May 2020 | Led strategy, IR, and treasury activities |
| The Riverside Company | Private equity investing | Prior to Vail | Buy-side investing experience |
| William Blair & Company | Investment banking | Prior to Riverside | Sell-side advisory experience |
External Roles
No external directorships or board roles disclosed for Heitz .
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | $400,000 annual base salary as CFO (unchanged from Legacy Pursuit CFO package) |
| Target Bonus | 75% of base; payout range 0%–175% of target based on Board/HRC-set metrics |
| New-Hire RSU | $250,000 grant on Dec 16, 2024 |
| 2025 Annual LTI | $500,000 grant on Jan 2, 2025; ~70% performance-based, ~30% time-based |
| Benefits | Participation in employee benefit and welfare plans |
Performance Compensation
Annual Incentives (MIP – 2024 program design for context)
| Metric | Weighting | Threshold Payout | Target Payout | Max Payout | Notes |
|---|---|---|---|---|---|
| EBITDA | 60% | 50% of weighted target | 100% | 200% | Non-GAAP EBITDA per plan definition |
| EBITDA Margin | 20% | 50% of weighted target | 100% | 200% | Margin %; non-GAAP per plan definition |
| Strategic Objectives | 20% | Payout only if financial Threshold met | 100% baseline; can earn up to 125% of component | 125% of component | Funding floor applies; achievement certified annually |
Heitz’s 2025 bonus uses Board/HRC-set metrics, with payout range 0%–175% of target; specific 2025 targets/actuals are not disclosed .
Long-Term Incentives (Company PSU design and vesting mechanics)
| PSU Metric | Performance Target | Payout | Cap |
|---|---|---|---|
| Relative TSR vs. Russell 2000 | 75th percentile | 200% of target shares | |
| Relative TSR vs. Russell 2000 | 55th percentile | 100% of target shares | |
| Relative TSR vs. Russell 2000 | 25th percentile | 50% of target shares | |
| Absolute TSR negative | N/A | PSU payout capped at 100% even if relative TSR > target |
Heitz Award Vesting (as disclosed in Forms and proxy)
| Award | Quantity/Value | Vesting Schedule |
|---|---|---|
| New-hire RSU (Dec 16, 2024) | 5,525 RSUs | Vest on Dec 16, 2027 (cliff) |
| 2025 RSU (Jan 2, 2025) | 3,603 RSUs | Equal installments on Jan 2, 2026, 2027, 2028 |
| 2025 Annual LTI | $500,000 total; ~70% PSUs/~30% RSUs | Performance-based and time-based vesting; company PSUs generally use 3-year relative TSR framework |
Equity Ownership & Alignment
| Item | Amount | Detail |
|---|---|---|
| Common Stock – Direct | 9,128 shares | Form 3 initial beneficial ownership |
| Common Stock – Indirect (401(k)) | 32.5519 shares | Form 3 indicates fractional 401(k) holdings |
| Total Beneficial Ownership | 9,160.5519 shares | Direct + 401(k) |
| Shares Outstanding (Record Date) | 28,199,647 | As of Mar 25, 2025 |
| Ownership % of Outstanding | ~0.0325% | 9,160.5519 ÷ 28,199,647 |
| Unvested RSUs | 5,525; 3,603 | Vesting dates as above |
| Options | None disclosed | No options listed on Form 3 |
| Hedging/Pledging | Prohibited | Company policy bans hedging, margin, and pledging |
| Stock Ownership Guidelines | 3x base salary for CEO direct reports | Five-year compliance window; sales restricted until compliant; RSUs/PSUs count; options do not |
Form 4 filings confirm initial reporting and changes; see SEC archive entries dated March 2025 .
Employment Terms
- Appointment and Start: Appointed CFO effective March 17, 2025 (joined Dec 16, 2024 as Legacy Pursuit CFO) .
- Employment Agreements: Company states no NEO employment agreements; compensation is governed by plan documents and award agreements .
- Clawbacks: Detrimental conduct clawbacks apply to RSUs/PSUs, cash bonuses, vested/unexercised options, and gains; SEC/NYSE-compliant recoupment policy adopted Nov 2023 for restatements .
- Insider Trading Policy: Trading-window/pre-clearance required; hedging and pledging prohibited; policy filed as 10-K exhibit .
- Restrictive Covenants: Non-compete, non-solicit of employees/customers for 12–18 months associated with severance benefits .
- Change-of-Control Framework (Company-level plan): Double-trigger Executive Severance Plan (Tier I): lump-sum equals a multiple of (highest annual salary + target bonus), with multiple equal to 3 × ((36 − months employed post-CIC)/36); RSUs/NQSOs fully vest; PSUs pay at 100% pro-rata on CIC; MIP pro-rated on CIC; no excise tax gross-ups or single-trigger CIC benefits .
- Note: CFO-specific severance enrollment is not explicitly disclosed; general policy summarized above .
Compensation Peer Group (Benchmarking)
| Company | Ticker |
|---|---|
| ACCO Brands | ACCO |
| Cedar Fair, L.P. | FUN |
| Deluxe Corporation | DLX |
| DiamondRock Hospitality | DRH |
| Golden Entertainment | GDEN |
| Healthcare Services Group | HCSG |
| Matthews International | MATW |
| Ryman Hospitality Properties | RHP |
| SeaWorld Entertainment | SEAS |
| SP Plus | SP |
| Vail Resorts | MTN |
| VSE Corporation | VSEC |
| Xenia Hotels & Resorts | XHR |
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval ~95%; committee retained pay-for-performance architecture subsequently .
- Annual advisory vote on NEO compensation recommended “FOR” by the Board in 2025 proxy .
Investment Implications
- High alignment: Significant at-risk pay (bonus up to 175% of target and majority of LTI in PSUs) tied to EBITDA, margin, and relative TSR; sales of vested equity restricted until ownership guideline met (3x salary within 5 years) .
- Retention dynamics: Multi-year RSU vesting (2026–2028 and 2027 cliff) supports retention; clawbacks and restrictive covenants (12–18 months) further mitigate flight risk .
- Governance quality: No tax gross-ups, no single-trigger CIC severance, robust clawback and insider trading policies (no hedging/pledging), and independent compensation oversight — reduces compensation-related red flags .
- Trading signals: Initial Form 3/4 show de minimis ownership vs. float and unvested equity bias; absence of options reduces near-term exercise-related selling pressure; monitor future award grants and any Form 4 sales or tax-withholding transactions for signal changes .