Oasis Management reduces director nominees for Vail Resorts

Oasis Management has reduced its slate of director candidates for Vail Resorts by half, moving from four nominees to two ahead of next month’s board election. The hedge fund, which holds a 9.6% stake in the mountain resort operator, is now urging investors to elect former Walt Disney CEO Bob Chapek and Ashton Hudson.

Oasis previously nominated four candidates, including former Olympic ski champion Picabo Street and venture capitalist Bryce Roberts, but has since dropped them from the list. In a letter to shareholders, Oasis stated it is not seeking to break up the company. The hedge fund has also entered into a confidentiality agreement with Vail Resorts to facilitate discussions regarding a potential settlement to end the proxy fight.

Vail Resorts management has criticized the remaining nominees, stating that Chapek and Hudson lack the necessary experience, understanding of the company, or governance track record to serve on the board. The company noted that the reduction in candidates does not change its position. Oasis has criticized Vail’s operations and share price performance, which has declined nearly 60% over the last five years.