Alterra's Jared Smith was announced as CEO in May 2022. Photo: LinkedIn // Jared Smith

PARK CITY, Utah — Alterra Mountain Company announced Tuesday that CEO Jared Smith plans to step down at the end of the current ski season, marking a leadership transition for the company that owns Deer Valley Resort and operates the Ikon Pass.

Smith said serving as CEO had been “an honor,” highlighting the company’s rapid growth and expanding portfolio of mountain destinations during his tenure, which spans the last five years.

“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 a statement. “I’m confident the progress we’ve made has positioned the company well to build on that foundation in the years of growth ahead.”

Interim leadership while CEO search begins

Following Smith’s departure at the end of the ski season, Alterra’s board will establish an interim leadership structure called the Office of the CEO to oversee day-to-day operations while a search for a permanent chief executive begins.

The temporary leadership group will include representatives from Alterra’s ownership partners, KSL Capital Partners and Henry Crown & Company, along with former Alterra CEO Rusty Gregory.

Eric Resnick, chairman of Alterra’s board, thanked Smith for his leadership during a period of rapid expansion.

“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.

Smith will remain available over the next year to support the leadership transition, according to the release.

Major Deer Valley investment underway

The leadership shift comes as Alterra continues a major investment cycle across its resorts, including one of the largest projects currently underway in Park City.

The company recently announced more than $400 million in new investments at Deer Valley, funding major resort expansions, on-mountain infrastructure improvements, and expanded employee housing and benefits.

The Deer Valley project is part of a broader capital program in which Alterra says it has invested more than $2 billion across its mountain destinations over the past eight years.

Alterra operates a portfolio of year-round mountain destinations across North America and internationally. Resnick said the company plans to continue expanding its global presence while investing heavily in guest experience and mountain infrastructure.