Vail Resorts Inc. announced Tuesday longtime CEO Rob Katz will be stepping down, but remain on the board and with the company.

Kirsten Lynch, currently the chief marketing officer, will be named CEO of the private company (NYSE: MTN) that owns 37 ski area and mountain resorts.

The transition happens Nov. 1.

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“Over her 10 years with the company, Kirsten has been responsible for the transformation and success of Vail Resorts’ data-driven marketing efforts and a primary driver of the company’s growth, stability and value creation,” said Katz in a release.

“In addition to having an incredible business acumen, Kirsten is one of the most passionate, driven leaders I have ever worked with. Her tremendous enthusiasm for the long-term vitality of our sport and a very high commitment to leadership development within our company will make her an outstanding leader of Vail Resorts. Kirsten will also be surrounded by an extremely strong and tenured executive team.”

Katz will take over as executive chairperson of the board “and remain fully active and engaged in Vail Resort’s key strategic decisions,” according to a Tuesday news release.

Ryan Bennett, currently vice president of marketing and lift revenue, will be named chief marketing officer.

Katz has been with the Vail Resorts since 1996, when he was appointed to the board, then took over as CEO in 2006.

The company said Katz will continue to help “its efforts to broaden diversity, equity and inclusion at both the company and throughout the industry.”

“It is an honor to lead Vail Resorts as CEO and build upon Rob’s legacy of reimagining the mountain experience,” said Lynch in a release. “I am passionate about this company, the leadership culture we have built and our 55,000 employees who make Vail Resorts the industry leader. Looking forward, I am excited about the incredible growth opportunities for Vail Resorts and committed to making our sport and our company more diverse, inclusive and accessible.”

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Katz said developing a new company leader has been part of his duties in recent years.

“After more than 15 years in role, one of my top priorities has been to identify and prepare a CEO for the next chapter in the company’s growth and success, and I am fully confident that Kirsten is that person,” said Katz. “And with our company having just navigated the most challenging period in its history and coming out stronger than when it began, this is the right time for me to take a step back and play a different role at Vail Resorts.”