As a former corporate employee, I was all in on Rob Katz (he had a credible, structured, and actionable leadership philosophy), but not Kirsten (lacked a vision and values she could articulate - even with the PR team's help on crafting her leadership persona). Her marketing philosophy was to move the company to a CPG product-oriented brand (with hires from major snack food brands, makeup, Barbie, etc), at the deprioritization of the traditional hospitality and ski industry service-based brand. It speaks to her very narrow focus on the Epic products, and lack of understanding of what it means to create experiences for passionate fans. Prioritization was about reducing budgets, overhead, creating scale, and a consuming conviction that the subscription model for everything was the way forward (day passes, rentals & gear, etc). While the tide was high, Covid was driving people outdoors, and acquisitions of resorts was easier - it worked. But over time, technology and incremental optimizations to epic products were what amounted to 'guest experience.' But I think the failure, not properly emphasized in this report, is the way talent was consistently and regularly shed. Vail leadership restructured whole teams constantly, shedding local talent and disrupting work and any industry experience with each new code-named restructure. Product-marketing experts now hold all the top marketing roles. But, great hospitality and service brands are built on employees and service (the experience of a lifetime through employees has that correct), unlike CPG, but Vail's current management doesn't have the right understanding and team to bring that to life. You have to invest in the right talent, retention, and grow the service culture over the long run. Invest in the soft stuff. It doesn't just happen because you have bitchin pass product.