Oasis Management is paying consulting fee to Bob Chapek
By Allison Pohle
Former Disney CEO Bob Chapek is getting paid $100,000 a month as a nominee for the board of Vail Resorts.
The payment comes from Oasis Management, an activist investor targeting Vail, which put Chapek forward as one of four nominees to the board of the ski behemoth. The Hong Kong-based activist disclosed a 9.6% stake in the company last week and is ramping up pressure on Vail to change.
Oasis also agreed to give Chapek a forgivable $500,000 loan to purchase Vail stock if he is elected to the company's board.
Board seats are the main focus of Oasis's campaign thus far. Oasis says that Vail's current board has failed to hold the company accountable for the erosion of its valuation. Vail Resorts stock has dropped by more than 50% over a five-year period.
"We believe that Vail Resorts could be worth significantly more than its current stock price, that the status quo is untenable and that change is urgently needed to address the Company's longstanding deficiencies and restore growth, profitability and credibility," Oasis said in a securities filing last week. It didn't have a comment.
Vail had no comment beyond its proxy filing. It has said it is encouraged by early progress from its increased focus on skier engagement and loyalty, and is also making improvements to on-mountain dining, ski lessons and rentals. In July, it added MGM Resorts International Chief Executive Bill Hornbuckle to the board to draw from his hospitality experience.
Chapek, who declined to comment, spent nearly 30 years at Disney, including 33 months as chief executive before he was ousted and his predecessor Bob Iger succeeded him.
Oasis first floated Chapek as a board candidate in July 2025, noting his experience in the hospitality industry, according to a Monday securities filing from Vail. At a dinner this August, Oasis's founder, Seth Fischer, brought up Chapek to Vail CEO Rob Katz.
Unbeknown to Vail at that point, the company said in its filing, Chapek was already on Oasis's payroll. On July 28, Chapek entered the consulting agreement for services related to actions the board should take related to corporate governance, operations and strategy. This arrangement is slated to last through Vail's annual meeting, which still hasn't been announced.
Later in August, Katz set up a time to meet with Chapek virtually. In the call, the former Disney chief executive highlighted his experience that was relevant to Vail's business and guest experience strategy, Vail's filing says. He also flagged that his book "Behind the Castle Walls" might be controversial. In the book, he writes about getting ousted as chief executive and accuses Iger of undermining him.
Chapek also told Katz he didn't want to be involved in an activist fight, according to Vail's filing.
When Katz emailed Fischer about the meeting, Katz said: "Went well. He is a thoughtful guy," according to Oasis's filing.
But Vail says that Chapek didn't disclose the paid consulting arrangement he has with Oasis, or the $500,000 forgivable loan.
The other Oasis board nominees each received two, one-time fees of $50,000, so long as they invested the posttax proceeds in stock, the filings show.
It isn't unheard of for activist investors to compensate board candidates, though the arrangements vary widely.
Vail has recommended that its shareholders reject all of the Oasis candidates. Specifically related to Chapek, the company said its board had concerns that Chapek didn't disclose his financial agreement with Oasis, which the filings says runs counter to his statement that he didn't want to be involved in an activist fight.
Signs are pointing to another challenging winter ahead for Vail. The company has relied on a model of selling all-access passes ahead of the ski season to help it endure tough seasons. But last winter, with record-low snowfall in the Rockies, proved especially difficult.
Vail told investors it sold 12% fewer passes through Sept. 18 for the coming North American ski season, compared with the same period last year. It has emphasized a focus on a better guest experience, including on-mountain dining, gear rentals and private lessons.