It’s all downhill from here for Mike Corbat, and that’s just how he wants it.
(Bloomberg) — It’s all downhill from here for Mike Corbat, and that’s just how he wants it.
Corbat, the former chief executive officer of Citigroup Inc., and Eric Macy, a former Jefferies Financial Group Inc. banker, are among a group of investors acquiring Jackson Hole Mountain Resort in Teton Village, Wyoming. The sellers — Jay, Connie and Betty Kemmerer — have owned the property since 1992.
“There is no better fit for this ownership transition than Eric and Mike and their families, who share the same vision for the future of JHMR and its importance to our great community,” Jay Kemmerer, who is part of the new ownership group, said in a statement announcing the sale.
Jackson Hole Mountain Resort is one of the region’s most challenging terrains. Roughly half of its 130 trails are considered expert level — including 27 double black diamond runs — across 2,500 acres (1,012 hectares).
Corbat joined the resort’s board in October 2021, a few months after he left Citigroup. He has long maintained a home in Wyoming. It was there in 2020 that he informed Citigroup’s current CEO, Jane Fraser, of his plans to retire and ultimately hand her the reins, the Financial Times reported at the time.
The resort is one of a handful of new jobs Corbat has taken on since his departure from Citigroup. Last year, he founded the private consulting business Teton Advisors LLC, and he was also named a senior adviser to 26North Partners, a private investment firm created by Apollo Global Management Inc. co-founder Josh Harris. This year, the 63-year-old also joined the board of the insurance giant Chubb Ltd.
In an interview with the Jackson Hole News & Guide, Corbat said he prefers the trails along the right side of Jackson Hole Mountain Resort, while Macy, a full-time resident of Jackson, Wyoming, said he and his wife enjoy hiking the Headwall trail. Macy has been a member of the resort’s board of directors since 2014.
The deal, which is subject to customary closing conditions, is expected to be completed by the end of the year, according to the statement, which didn’t include financial details. Macy and Corbat aren’t anticipating making any changes to the resort’s business operations.
The Kemmerer family, whose business interests in coal mining and banking trace back to 1897, have invested over $300 million in capital improvements in the resort.
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