Vail Vail Resorts said Thursday it has terminated five senior managers at Colorado Mountain Express, its transportation business.
The terminated employees included President Jay Ufer, Vail Resorts said.
"The terminations were prompted in part by the existence of ongoing bonus, severance and contingent payment arrangements totaling $4 million for five employees," Vail Resorts said in a statement. "These arrangements are with the former owner of CME and were not disclosed as required by the documents governing the acquisition."
Vail Resorts spokeswoman Kelly Ladyga declined to comment on the matter. The Broomfield-based resort company, which also owns local ski areas Vail and Beaver Creek, acquired Colorado Mountain Express from East West Resort Transportation Holdings in November 2008.
Harry Frampton, an investor with East West Resort Transportation Holdings, said Thursday he adamantly disagreed with Vail Resorts' statement that there was a disclosure problem. He declined to comment further on the nature of the disagreement.
"I think it's a little bit sad that five people who have worked for CME for a total of 92 years were fired on the spot," Frampton said.