Park City-based Powdr recently announced that John Cumming, founder and chief executive officer of the company, is stepping down as CEO.

According to a company press release, Cumming will still be involved in “shaping the company’s strategy and vision,” but he will focus more on his new role as chairman at American Investment Company, which he took when his father, Ian Cumming, died earlier this year, said Megan Baroska, spokesperson for Powdr. John Cumming is also a chairman at Snowbird, Crimson Wine Group and The Cumming Foundation.

Powdr owned Park City Mountain Resort before Vail Resorts acquired the resort in 2014. It currently owns eight mountain resorts and the Gorgoza Park tubing hill near Pinebrook.

Wade Martin, president of Powdr Enterprises and chief revenue officer of Powdr, and Justin Sibley, chief financial officer, will be co-presidents. Martin has been in his role for the last five years and Sibley for the last four years, Martin said. The change is effective immediately.

Tim Brennwald was also named as the chief operating officer of Powdr. He was previously the chief operating officer of Powdr resorts.

Baroska said that Brennwald’s role will help integrate the company’s indoor and outdoor action-sports camps called Woodward with resort operations. A Summit County Woodward location, named Woodward Park City, is planned near Gorgoza Park.

There are currently four other Woodward camps in the U.S., as well as one in Mexico and one in the planning stages for the Dominican Republic.

Cumming said he decided to step down due to his increased roles at organizations outside of Powdr. He said that he is proud to see how Powdr has evolved in the last five years, but said it is “clear that now is the right time for me to step down as CEO.”

“I am confident that Wade, Justin and Tim, and our teams and leaders across Powdr’s properties, will continue to protect and enhance the adventure lifestyle for generations to come,” he said.

Martin said that he hopes to continue on the trajectory that Cumming set in the last couple of years to diversify and integrate Powdr.

“It’s a remarkable business, and to be able to lead the next chapter of it is exciting. I am honored to do it,” Martin said.

Martin and Sibley will have shared responsibilities centered on strategy, structure and capital allocation, according to the release. Martin is expected to lead organic growth and Sibley will lead operations and portfolio expansion.