Vail Resorts reassigns chief financial officer after restatements lower profits

By Published On: June 7th, 2004Comments Off on Vail Resorts reassigns chief financial officer after restatements lower profits

Vail Resorts reassigns chief financial officer after restatements lower profits{mosimage}Vail Resorts has reassigned its chief financial officer a week after financial restatements lowered its profits by $3.3 million since fiscal 1998.

James P. Donohue, 63, will become chief information officer in charge of information systems and telecommunications, a position that was vacant. He remains a senior vice president. Jeffrey W. Jones, 41, was named CFO. He had been CFO of Vail Resorts Development Co.

The Securities and Exchange Commission has been investigating the company’s accounting, and last week Vail Resorts Inc. announced financial restatements. Vail Resorts CEO Adam Aron said the company trusts Donohue’s “integrity and acumen,” but the restatements made the change necessary.

“It seems only prudent that we have fresh leadership in command of our finance and accounting functions, and fresh eyes assessing and addressing our financial processes,” Aron said.

Donohue had been chief financial officer since November 1996.

The company owns the Vail, Beaver Creek, Breckenridge and Keystone resorts in Colorado, Heavenly in California and Nevada, and the Grand Teton Lodge Co. in Jackson Hole, Wyoming. It also operates the hotel company RockResorts.

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