Hotel Online Special Report
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American Skiing Company Appoints Thomas M. Richardson to Managing Director Sugurbush, Vt.
 
 
NEWRY, Maine, Aug. 24, 1998 -  American Skiing Company (NYSE: SKI) today announced the resignation of Thomas M. Richardson, the company's Chief Financial Officer, effective immediately. Mr. Richardson has accepted the position of Managing Director at American Skiing Company's Sugarbush, Vermont affiliate. In his new role, Mr. Richardson will oversee all aspects of resort operations.

On an interim basis, Christopher E. Howard, Chief Administrative Officer will assume the Chief Financial Officer's responsibilities until a permanent replacement is appointed. Mr. Howard is one of the key senior executives contributing to the company's growth over the last several years and currently oversees the real estate operations and legal department.

"Chris is intimately familiar with the company's strategic plan and capital structure. I am confident with him managing the finance department and the strength of our executive team to work through this transition smoothly," said Leslie B. Otten, chief executive officer of American Skiing Company. Mr. Howard has been a senior member of management since the SKI Ltd. acquisition in 1996. Prior to joining the company, he served as the company's outside counsel, as a partner with Pierce Atwood, northern New England's largest law firm.

"Tom has made significant contributions to American Skiing Company, highlighted by the company's initial public offering in 1997, said Otten. "As the ski season approaches, Tom will bring the management expertise and financial knowledge we need to the resort level." American Skiing Company has retained the executive search agency of Heidrick and Struggles to conduct the search for a new Chief Financial Officer. The selection process is expected to be completed in the next several months.

Additional key management changes:

Christopher D. Livak, formerly Senior Auditor on the company's audit engagement team has been promoted to Vice President of Accounting and Finance. "Chris brings ten years of public accounting and management skills to his new position and is completely familiar with the company's financial operations," said Otten.

Robert H. Turner with 15 years experience at American Skiing Company's Sugarloaf, Maine affiliate and a MBA from the Amos Tuck School at Dartmouth has accepted the position of Vice President of Budget and Control. "Bob has been working with the company's subsidiaries and controls for the last six months and this is a natural progression of his responsibilities," said Otten.

Richard McGarry, outgoing Managing Director at Sugarbush, has been appointed Vice President and General Manager at American Skiing Company's Killington Vermont affiliate. Mr. McGarry will oversee all aspects of resort operations at Killington, enabling Killington Managing Director Allen M. Wilson to devote more time to long term planning and turning the resort into a four-season destination. Mr. Wilson's responsibilities include the development of the resort village at Killington.

Burton R. Mills, American Skiing Company Senior Vice President for Mountain Operations, has been appointed the position of Vice President for Mountain Operations and Construction at The Canyons, American Skiing Company's Utah affiliate.

Mr. Mills, widely respected as one of the most knowledgeable chiefs in the ski industry, will oversee mountain operations and construction at the rapidly-growing resort. Warren C. Cook, Chief Operating Officer of American Skiing Company will assume the responsibilities of mountain operations at the corporate level. Mr. Mills will continue his responsibilities for purchasing lift and snow grooming equipment for all American Skiing Company resorts.

Tim Harris, Vice President for Resort Operations at The Canyons, will continue in his role of overseeing base operations and skier services.

"These key management changes are a direct result of American Skiing Company's growth as the premier alpine resort operator in the country," said Otten. "As the company continues to develop both world-class resorts and resort real estate, we are confident that we are putting in place a management structure which can support the new stages of our expansion."

The American Skiing Company, headquartered in Newry, ME, is the largest operator of alpine ski, snowboard and golf resorts in the United States. Its major businesses include resorts at Steamboat, Colorado; Killington, Mount Snow and Sugarbush in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; The Canyons in Utah and Heavenly, which straddles the California/Nevada state line at Lake Tahoe. Its businesses also include real estate development and its Grand Summit Resort Hotels.
 

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Contact:
Skip King, VP, Corporate Communications, 207-824-5020 
or Suzanne Parry, Director, Investor Relations, 207-824-5013 
both of American Skiing Company
/Web site: http://www.peaks.com
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Also See:
American Skiing Company Passes Major Development Milestones at Heavenly, The Canyons / June 1998 

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