An activist investment firm is paying former CEO of The Walt Disney Company Bob Chapek $100,000 a month to be a nominee for the board of Vail Resorts.

Bob Chapek, Oasis, and Vail

Hong Kong-based activist investor firm Oasis Management is targeting Vail, a Colorado ski resort company, saying the current board has failed to hold the company accountable for the erosion of its valuation. Vail Resorts stock has dropped by over 50% in five years.

Oasis has a 9.6% stake in the company, and Chapek is one of four nominees they have put forth. In addition to paying him $100,000/month, they also agreed to give him a forgivable $500,000 loan to purchase Vail stock if elected, and will reimburse Chapek for “certain out-of-pocket expenses.”

Oasis previously suggested Chapek as a board member to Vail CEO Rob Katz and Katz met with Chapek virtually in August. Chapek told Katz he didn’t want to be involved in an activist fight — but failed to disclose that he had already entered an agreement with Oasis.

In a recent filing, Vail recommends shareholders vote against all of Oasis’ nominees. They expressed concerns about Chapek’s failure to disclose his Oasis agreement.

Oasis and Vail did not have a comment for The Wall Street Journal. Chapek declined to comment.

Chapek has been in the news significantly recently after a media tour promoting his new memoir, Behind the Castle Walls: My Thirty Years at the Happiest Place on Earth. It covers his short tenure as Disney CEO before he was fired.

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