Oasis Management has reduced its slate of board nominees at Vail Resorts from four to two as it continues to push for operational improvements and stronger shareholder returns at the US ski resort operator, according to a report by Reuters.

Oasis, which holds a 9.6% stake and is Vail's fourth-largest shareholder, is now seeking the election of former Walt Disney chief executive Bob Chapek and experienced board director Ashton Hudson. The fund has withdrawn former Olympic skier Picabo Street and venture capitalist Bryce Roberts from its original slate ahead of next month's shareholder vote.

The decision follows an announcement by Vail's largest shareholder, Baron Capital, which owns approximately 18% of the company, that it would support all nine of management's board nominees. Oasis and Vail have also signed a confidentiality agreement to facilitate discussions over a potential settlement of their proxy contest.

Oasis has criticised Vail's operational performance and share price, which has declined nearly 60% over the past five years despite gaining 13% in 2026. The company currently has a market capitalisation of approximately $5.4bn.

The hedge fund has clarified that its proposed turnaround strategy does not involve breaking up Vail or moving towards an asset-light business model, instead arguing that the company's integrated resort network remains a key competitive advantage.

Vail has rejected the remaining Oasis nominees, questioning their industry experience and governance credentials, while maintaining that its existing transformation programme will deliver improvements in operational performance and shareholder value.