Alterra Mountain Company CEO Jared Smith Stepping Down After Season

Jared Smith announced his intention to step down as chief executive officer of Alterra Mountain Company at the end of the current ski season, the Denver-based company confirmed in a March 10 press release. The news landed abruptly for many observers: local outlet TownLift reported that "the departure was unexpected and Alterra did not provide a reason for the sudden exit."

Alterra, the parent company of Deer Valley Resort and operator of the Ikon Pass network, said an Executive Committee of the Board will function as an "Office of the CEO" during the leadership gap. That committee will include ownership representatives from KSL Capital Partners and Henry Crown & Company, along with Rusty Gregory, who previously served as Alterra's chief executive. The three-party structure will oversee day-to-day operations through the end of the season and until the board completes what it called "a comprehensive search process to identify a new leader to continue Alterra's growth trajectory." Smith will remain available as a resource to the Office of the CEO for up to a year after his departure.

Smith, in a statement released alongside the announcement, framed his tenure as a period of meaningful expansion. "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," he said. "I'm confident the progress we've made has positioned the company well to build on that foundation in the years of growth ahead."

Eric Resnick, chairman of the Alterra board and CEO of KSL Capital Partners, offered measured praise. "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," Resnick said. "We thank Jared for his contributions and wish Jared well as he chooses what to pursue next."

How long Smith led the company depends on the source. KPCW reported he was named CEO in August 2022 and framed the departure as a resignation after four years. TownLift reported he was announced as CEO in May 2022 and described his tenure as spanning five years. Park Record similarly referenced a five-year tenure. Alterra's own press release did not specify a start date.

What is not in dispute is the scale of work undertaken during his time at the helm. KPCW reported that Alterra undertook a $400 million expansion at Deer Valley Resort under Smith's watch, a project that remains in progress as the company now searches for new leadership. Alterra acquired Deer Valley in 2017 and picked up Solitude Mountain Resort, located just over the ridge from Park City in Big Cottonwood Canyon, the following year.

The transition raises continuity questions for both properties and for the broader Ikon Pass network, which links dozens of ski destinations. The board has not announced a search firm or a target timeline for appointing Smith's successor.