Industry News
Alterra Mountain Company announced a leadership transition Tuesday, March 10, with Chief Executive Officer Jared Smith planning to step down at the end of the current winter season. Smith said serving as CEO had been “an honor,” noting that the company had expanded significantly during his tenure.
“Serving as CEO of Alterra has been an honor, and I am deeply proud of the incredible people, capabilities and businesses we’ve added to this amazing company,” Smith said in the company’s press release. “The commitment of the ownership group to these mountains, and to the team members and communities they serve, is truly unique.”
Alterra’s board will now begin a comprehensive search for a new chief executive, while an interim leadership structure will oversee operations through the end of the season. Smith will remain available over the next year to help support the transition.
During the transition, an Executive Committee of the Board will function as an “Office of the CEO.” The group will include representatives from investment firm KSL Capital Partners and Henry Crown & Company, alongside former Alterra CEO Rusty Gregory.
Henry Crown & Company—controlled by the billionaire Crown family—is the majority owner of Alterra Mountain Company, while KSL Capital Partners is a major co-investor in the business.
Alterra board chairman Eric Resnick praised Smith’s leadership during a period of rapid expansion. “Jared has been a valued leader at Alterra Mountain Company for many years,” Resnick said. “Over the course of his tenure, he has made a lasting impact during a period of continued growth and operational advancement, while ensuring the company maintained the culture and commitment to our communities that make Alterra special.”
Alterra has grown rapidly since launching the Ikon Pass in 2018, which now provides access to more than 70 ski destinations worldwide. The company also operates one of the world’s largest portfolios of mountain resorts, including destinations such as Steamboat Resort, Mammoth Mountain, Palisades Tahoe, Stratton Mountain Resort, and Tremblant.
In addition to its resort portfolio, Alterra also owns major heli-skiing operations and ski industry service companies, including CMH Heli-Skiing & Summer Adventures and Mike Wiegele Helicopter Skiing.
The company has invested heavily in infrastructure and resort upgrades in recent years. According to Alterra, it has committed more than $2 billion in capital improvements over the past eight years. Most recently, the company announced a $400 million investment at Deer Valley Resort aimed at expanding terrain, improving on-mountain infrastructure, and enhancing employee housing and benefits.
Resnick said the company plans to continue that investment strategy as it searches for its next leader. “Alterra continues to grow its global footprint and advance the most significant mountain resort investment program in the industry,” he said. “The best is yet to come.”
Smith has been the CEO of Alterra since May 2022, when he replaced Rusty Gregory. He was previously on the Board of Elevate Sport Ventures and prior to that served 17 years in various roles at Ticketmaster.com—most notably for three years as President and Global Chairman.
Smith’s departure marks the latest leadership shift at one of the ski industry’s most influential companies. Vail Resorts’ leadership underwent a surprise change last May, when former CEO Kyrsten Lynch was replaced by previous long-standing CEO Katz. Katz had stepped aside as CEO in 2021, naming then-Chief Marketing Officer Kirsten Lynch as his successor. His return was likely prompted by the company’s share price falling considerably in the last few years. Unlike Vail Resorts, Alterra is not listed on the stock exchange but is a privately-owned company.
