Six Flags Corporate News

[Medusa42]

19 minutes ago, Matt Kaiser said:

 

What's he referring to here? Their cloned rides are difficult for others to clone?

He was referring to the parks.  It would take an enormous amount of money and time for a competitor to build a similar park in a Six Flags market.  This is also why Six Flags wouldn't want to sell one of their major parks.

 

[Medusa42]

Interesting picks for the Board of Directors.
https://finance.yahoo.com/news/two-directors-added-six-flags-215000672.html

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Two Directors Added to Six Flags Board of Directors
Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that B. Ben Baldanza and Selim Bassoul have been appointed to its board of directors, expanding membership to nine. These appointments represent the second and third new directors added this year.

 

"We are pleased to welcome Ben and Selim as new independent directors to the Six Flags board," said Richard Roedel, Chairman of the Board. "They are exceptional business leaders with great records of accomplishment, and join Six Flags at an exciting time as we move forward with our strategic work. The addition of these directors complements our board of directors with a diversity of skills and experiences that will help our company reinvigorate growth and realize its full potential."

 

About B. Ben Baldanza

Baldanza, 58, is currently CEO of Diemacher LLC, an advisory firm helping businesses restructure, grow revenue, and reduce costs. He is the former CEO, President and Director of Spirit Airlines, an ultra-low cost carrier. Under his leadership from 2005 to 2016, Spirit Airlines grew its revenue from $500 million to $2.1 billion, and transformed from an unprofitable business to the highest margin airline in the US, creating significant value for shareholders. Prior to joining Spirit Airlines, Baldanza held positions of increasing responsibility in finance, marketing, and revenue management. He currently serves as a director of JetBlue Airways Corporation, and previously served on the boards of Frontier Airlines, Inc. and Spirit Airlines, Inc.

 

Baldanza brings extensive commercial and operational experience with expertise in revenue management and productivity. He holds a B.A. from Syracuse University and an M.A. in Public Administration from Princeton University.

 

About Selim Bassoul

Bassoul, 63, is former President, CEO and Chairman of Middleby Corporation, a leading manufacturer of food service and processing equipment. Under his leadership from 2001 to 2019, Middleby grew revenue from $100 million to $2.7 billion and grew Adjusted Operating Income from $12 million to $535 million, creating significant value for shareholders. Bassoul previously served on the boards of Confluence Outdoor, Piper Aircraft, Inc., and Scientific Protein Laboratories.

 

As part of the Board, Bassoul will provide counsel in the areas of culinary, consumer information and insights, and mergers and acquisitions. He holds a B.A. in Business Administration from the University of Beirut, and an M.B.A. in Finance and Marketing from the Northwestern Kellogg School of Management.

 

[Pineracer]

They are removing the Batman arenas so a new stunt show is unlikely. A renovation to the Showcase would be awesome, along with a new show. I'd keep the arena just for concerts, you have two stages for Children's shows, you have the Golden Kingdom animal encounter bit, but a new stage in Plaza Del Carnival would be awesome-even if it just served as an anchor for a family friendly Day of the Dead event.

[Sluggo77]

6 hours ago, Pineracer said:

They are removing the Batman arenas so a new stunt show is unlikely. A renovation to the Showcase would be awesome, along with a new show. I'd keep the arena just for concerts, you have two stages for Children's shows, you have the Golden Kingdom animal encounter bit, but a new stage in Plaza Del Carnival would be awesome-even if it just served as an anchor for a family friendly Day of the Dead event.

I hadn’t seen a plan about this. Do you just mean they’ve removed some like SFNE’s?

[Pineracer]

16 hours ago, Sluggo77 said:

I hadn’t seen a plan about this. Do you just mean they’ve removed some like SFNE’s?

 

Justice League at Magic Mountain replaced their Batman Arena. I think America's is still intact right now, as is ours, Kentucky Kingdom's (used for their bird show), not sure about the others

[Medusa42]

H Partners is growing their position in Six Flags.  2 million shares picked up over the past week in a series of trades.  They now own 7.5 million shares or 8.9% of the common stock.

Edited March 3, 2020 by Medusa42

[Pineracer]

20 hours ago, Medusa42 said:

H Partners is growing their position in Six Flags.  2 million shares picked up over the past week in a series of trades.  They now own 7.5 million shares or 8.9% of the common stock.

"Is this corporate raiding?"

[GAcoaster]

This is a shareholder trying to make money by steering the direction of the company. H-Partners were majority shareholders before when the company came out of bankruptcy from the Red Zone/Shapiro years. It looks like they're doing the same again bringing the company back from the brink. 

[Medusa42]

5 hours ago, GAcoaster said:

This is a shareholder trying to make money by steering the direction of the company. H-Partners were majority shareholders before when the company came out of bankruptcy from the Red Zone/Shapiro years. It looks like they're doing the same again bringing the company back from the brink. 

Due to coronavirus fears hitting the stock price, H Partners will be able to build their 14.9% stake much cheaper than they initially planned.  The low stock price could also make Six Flags an attractive takeover target, but it is less likely to happen with H Partners already there because they will demand a premium for their shares.  The cooperation and standstill agreements gives Spanos and the new Board of Directors some breathing room while they attempt to fix the company over the next year.

[Medusa42]

What a wild year!  The Six Flags Board of Directors just enacted a defensive measure to fend off a potential hostile takeover of the company.  Six Flags already has a cooperation agreement with H Partners, so they are worried about someone else.

 

https://investors.sixflags.com/news-and-events/press-releases/2020/03-31-2020-213020263

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Short-Term Stockholder Rights Plan Adopted by Six Flags

 

March 31, 2020

 

GRAND PRAIRIE, Texas--(BUSINESS WIRE)-- Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that its Board of Directors (the “Board”) has approved the adoption of a short-term (one-year) stockholder rights plan (the “Rights Plan”) to protect stockholder interests, and maximize sustained value for all stockholders.

 

The company recently became aware of substantial activity in its stock. In addition, the Board has taken note that, in light of the COVID-19 pandemic and recent market events, there has been significant volume and volatility in the trading of company stock. The Board believes that the current trading price of company stock does not reflect the company’s intrinsic value. The Rights Plan is intended to enable the company’s stockholders to realize the long-term value of their investment, ensure that all stockholders receive fair and equal treatment in the event of any proposed takeover of the company, and to guard against tactics to gain control of the company without paying all stockholders an appropriate premium for that control. The Rights Plan applies equally to all current and future stockholders and is not intended to deter offers that are fair and otherwise in the best interest of the company’s stockholders.

 

The Rights Plan is similar to plans recently adopted by other publicly traded companies. The rights will initially trade with the company’s common stock and will generally become exercisable only if any person (or any persons acting as a group) acquires 10% (or 20% in the case of certain passive investors) or more of the company’s outstanding common stock (the “triggering percentage”). The Rights Plan does not aggregate the ownership of stockholders “acting in concert” unless and until they have formed a group under applicable securities laws. If the rights become exercisable, all holders of rights (other than any triggering person) will be entitled to acquire shares of common stock at a 50% discount or the company may exchange each right held by such holders for one share of common stock. Under the Rights Plan, any person who currently owns more than the triggering percentage may continue to own the shares of common stock but may not acquire additional shares without triggering the Rights Plan. The Rights Plan does not contain any dead-hand, slow-hand, no-hand, or similar feature that limits the ability of a future board of directors to redeem the rights.

 

The Rights Plan has a one-year term, expiring on March 30, 2021. The Rights Plan may also be terminated, or the rights may be redeemed, prior to the scheduled expiration of the Rights Plan under certain other circumstances.

 

Additional details regarding the Rights Plan will be contained in a Form 8-K to be filed by the company with the U.S. Securities and Exchange Commission.

 

[Medusa42]

https://investors.sixflags.com/news-and-events/press-releases/2020/06-24-2020-210130461

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Six Flags Appoints Sandeep Reddy Chief Financial Officer

 

June 24, 2020

 

ARLINGTON, Texas--(BUSINESS WIRE)-- Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that it has appointed Sandeep Reddy as Executive Vice President and Chief Financial Officer effective July 1, 2020. In his new role, Mr. Reddy will lead all aspects of the company’s financial strategy and operations, including budgeting and planning, treasury, accounting, tax, financial reporting and investor relations. Leonard Russ, who has filled the CFO position on an interim basis since February 2020, will transition to an operational role and continue to report to Mike Spanos, President and CEO.

 

“I would like to thank Lenny for his outstanding leadership, commitment and business partnership over the last four months,” said Spanos. “He played a vital role during a very challenging time, making a major impact on the Six Flags team, and will continue to build upon his more than 30 years of service to the company.”

 

Mr. Reddy, 49, brings 25 years of finance and strategy experience in primarily consumer-facing businesses. Most recently, he was the Chief Financial Officer of Guess Inc., a publicly traded, $2.7 billion revenue, global, multi-channel, lifestyle brand company in the fashion industry. During the most recent three years of his tenure at Guess, Mr. Reddy, along with the management team, led a turnaround of financial results with strong improvement in revenue, profitability, and shareholder value. Prior to Guess Inc., he served in finance leadership roles of increasing responsibility at Mattel Inc. Mr. Reddy has a BA (Honors) in Economics from Delhi University and an M.B.A. from Cornell University.

 

“Sandeep is a seasoned CFO with a strategic outlook and exceptional analytical, process improvement and change management skills,” said Spanos. “I am thrilled to welcome Sandeep to Six Flags, where he will undoubtedly make an immediate impact as we work to emerge stronger from the COVID-19 crisis and continue our ongoing transformation program.”

 

“I am very excited to join the Six Flags team,” said Reddy. “I have long admired the brand and the incredible consumer experiences it delivers. It will be a privilege to partner with Mike and the rest of the team as we embark on the next phase of profitable growth for the company.”

 

[Medusa42]

Job listing for Park President of Six Flags Magic Mountain and Hurricane Harbor Phoenix.   

https://recruiting2.ultipro.com/SIX1001SIX/JobBoard/b54520f9-d278-4363-939a-3f42461e3e25/OpportunityDetail?opportunityId=297508da-2d82-4027-9f26-e932e45aea22&fbclid=IwAR2TFnHtzR6u-LpEY_A6A5JjxWivA67WjNpgb3olLawH-ZLVPScKOJPKRcg
 

[Yoshi]

I'm surprised they aren't hiring someone already with the company.

[29yrswithaGApass]

What happened to Neil Thurman?

[Sluggo77]

10 hours ago, 29yrswithaGApass said:

What happened to Neil Thurman?

Maybe moved into more of a corporate role?

[Medusa42]

On 8/15/2020 at 10:58 PM, 29yrswithaGApass said:

What happened to Neil Thurman?

He quit.

https://www.thrillcapitalinsider.com/updates/nealthurman-leaves-sixflags
 

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We are sadden to hear that Magic Mountain’s Park President, Neal Thurman is leaving the company after 25 years. Below is an official statement from the park.

 

“After months of careful consideration, Neal Thurman has made the decision to leave Six Flags in order to live and work closer to his extended family. He departs with deep gratitude for the 25 years of extensive career-building experiences and valued friendships he has been fortunate to have at Six Flags over the years. He is extremely proud of his years. He is extremely proud of his years of service with Six Flags and will always wish the very best for the company and his many respected colleagues. “ - Sue Carpenter

 

[GAcoaster]

Apparently he is now running Busch Gardens Tampa:
https://www.baynews9.com/fl/tampa/attractions/2020/08/18/busch-gardens-tampa-bay-new-park-president

[Medusa42]

It's nice to see Six Flags is refreshing their website with a cleaner look.  The beta version is only available at https://www.sixflags.com/overtexas right now.

 

[Pineracer]

4 minutes ago, Medusa42 said:

It's nice to see Six Flags is refreshing their website with a cleaner look.  The beta version is only available at https://www.sixflags.com/overtexas right now.

 

 

I don't see a huge difference, the background might be a bit different, but its not something worth shouting about

[Sluggo77]

Might be simple but it’s much cleaner and a lot more mobile friendly due to that.  Nice to not see the need to cram as much as possible into ever pixel.  Step in the right direction IMO.

[Medusa42]

https://www.hometownstation.com/santa-clarita-news/arts-and-entertainment/magic-mountain/six-flags-magic-mountain-names-don-mccoy-as-new-park-president-342479

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Six Flags announced Tuesday that Don McCoy has been named new park president of Six Flags Magic Mountain, Hurricane Harbor-LA, and Hurricane Harbor Phoenix.

 

McCoy succeeds Neal Thurman, who announced last week the decision to step down from the position at Six Flags Magic Mountain, with plans on moving to Busch Gardens Tampa Bay.

 

“I couldn’t be more excited about this opportunity. Six Flags Magic Mountain is recognized throughout the world for its signature brand of innovative, record-breaking thrills and I am honored to join this incredible team,” said McCoy. “Six Flags Hurricane Harbor Phoenix is a rising star in our portfolio, and I am equally honored to work alongside our team there as we continue to offer guests the best waterpark experience in the region.”

 

McCoy is a 35-year Six Flags veteran who most recently served as Park President of Six Flags Discovery Kingdom and Hurricane Harbor Concord in Northern California.

 

He also previously served as Park President of the Great Escape Resort property in Lake George, NY.

 

“Don is an outstanding leader with vast knowledge of theme park operations. He has a proven track record and a dynamic, collaborative management style that brings out the very best in people,” said Six Flags SVP of Park Operations Bonnie Sherman Weber. “We feel very fortunate to have Don leading one of our largest properties. He understands the California market, and we look forward to unprecedented growth under his strategic leadership.”

 

McCoy began his theme park career in 1983 as part of the park service team at Wet n Wild Orlando before moving in 1992 to Wet n Wild in Texas, now Six Flags Hurricane Harbor. He quickly rose through the ranks while earning his BA in Finance from the University of Central Florida.

 

Prior to his first Park President role at the Great Escape, Don served in a number of leadership positions throughout the company including at Six Flags Hurricane Harbor-Arlington, Six Flags Fiesta Texas, Six Flags Over Georgia, and Six Flags White Water.

 

Six Flags Magic Mountain has been closed since March due to the COVID-19 pandemic, according to park officials.

 

When the park is reopened, guests are going to be required to make a reservation before entering the park to prevent overcrowding and ensure at least a six-foot distance from other thrill-seekers, the company said.

 

A “cutting-edge” thermal imaging system is set to be in place to read all guest’s and team member’s temperatures as they enter the park, according to Six Flags.

 

A reopening date for Magic Mountain has not been announced as of Tuesday.

 

[Medusa42]

Six Flags Reduces Full-time Workforce by 10%

https://otp.tools.investis.com/clients/us/sixflags1/SEC/sec-show.aspx?Type=html&FilingId=14440258&CIK=0000701374&Index=10000

Item 8.01             Other Events

On October 13, 2020, Six Flags Entertainment Corporation (the “Company”) committed to reduce its full-time workforce by approximately 240 employees, or 10 percent, as part of its transformation productivity initiatives. The Company does not expect to incur material charges in connection with this workforce reduction. Affected employees are being offered severance pay in accordance with Company policy or, if applicable, their employment agreements, as well as outplacement services. As a result, the Company expects to record employee severance costs of approximately $1.5 million in the third quarter of 2020 and approximately $3.0 million in the fourth quarter of 2020. The Company will provide further details of the transformation productivity initiatives during its investor conference call on October 28, 2020.

 

Six Flags Over Texas & Hurricane Harbor Arlington Name New Park President

https://sixflags.com/overtexas/newsroom/october-9-2020

Texas Native and Six Flags Veteran, Ron McKenzie, Appointed as New Leader

Six Flags Entertainment Corporation, the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that Ron McKenzie has been named park president of the company’s flagship park, Six Flags Over Texas, and Six Flags Hurricane Harbor in Arlington. McKenzie succeeds Steve Martindale who retired after more than 45 years with the company, 13 of them as park president of the two parks. McKenzie has nearly 30 years of experience with Six Flags. He most recently served as marketing director at Six Flags Fiesta Texas in San Antonio, and Six Flags Hurricane Harbor in Houston. He also previously served in the same capacity at Six Flags St. Louis.

 

“We are thrilled to have Ron in this new role. His proven track record of success, along with his extensive industry knowledge, energy, and collaborative leadership style will serve him well as the park president of our flagship property,” said Six Flags SVP of Park Operations Bonnie Weber. “I am confident he will make an immediate positive impact as we continue our work to emerge stronger than ever.”

 

McKenzie began his theme park career in 1993, at Six Flags Fiesta Texas, where he juggled the full-time responsibility of group sales manager while attending college at the University of Texas-San Antonio, and earning a BA in Management. He enjoyed a brief stint in the hotel industry but quickly found his way back to Six Flags, moving to Six Flags St. Louis, where he served as group sales manager before being promoted to marketing director. McKenzie returned to the Lone Star State in 2016, where he assumed the role of marketing director at Six Flags Fiesta Texas, in San Antonio, prior to being promoted to this latest role.

 

“It is an honor to lead this extremely skilled and long-tenured Six Flags Over Texas and Hurricane Harbor team,” said Ron McKenzie. “These parks have a tremendous legacy and are recognized throughout our industry for record-breaking achievements. I look forward to continuing that path toward long-term growth and success for many years to come.”

 

As a Texas native and avid sports fan, McKenzie is looking forward to being right in the heart of the Arlington Entertainment District, and working alongside the all-new Globe Life Field and AT&T Stadium. McKenzie will begin his new position on Monday, October 12.

[Medusa42]

It case anyone missed it, Mike Spanos revealed the Six Flags transformation plan yesterday.

Quote

Even though Six Flags offers a truly unique combination of thrills and fun for guests of all ages, our base attendance growth have slowed for several years prior to the pandemic, because we did not evolve at the same pace as our guest expectations. Specifically, our guests expect a seamless and personalized experience that blends the heritage of our theme parks with the conveniences of modern technology. People still want roller coasters and indulgent foods like our great funnel cakes, cakes. They just want it to be an easier and faster experience.

 

In order to provide our guests with the value for their time and money that they have come to expect, we launched a transformation plan earlier this year to modernize our operations, and to improve the guest experience. While the transformation work is ongoing, we have already developed a strategic framework, and are focusing on specific high value areas, that we believe will lead to significant revenue and earnings growth.

 

We engaged outside consultants to assist with facilitation and provide agility, capacity, and a fresh outside introspective. However, it is our Six Flags team that is leading and completing the work. We are also creating an internal office to take on this work, beginning in the second quarter of 2021.

 

Functionally, we have broken our transformation plan into two distinct components; cost efficiencies and revenue enhancements. On the cost side, we need to make sure that we are operating efficiently at both the corporate and park level, and then we are eliminating any unnecessary costs within our operations. On the revenue side, we need to ensure that we improve the guest experience from the moment our guests log-on to our website, to the moment they exit our park, in order to maximize our attendance and per capita spending.

 

Starting with the cost side, our three productivity initiatives are to, first, optimize our corporate overhead structure. Second, reduced non-headcount operating costs; and third, optimize our park level labor expense.

 

On the corporate overhead piece, we have updated our organizational design to reduce the layers in our organization, so that we are leaner and more agile. Lowering our total costs and improving our speed of decisionmaking. I've installed a new senior leadership team, that is about 30% more affordable than 2019, but includes a dedicated guest experience team and a transformation team to focus on the guest experience, and ensure we operate more efficiently and effectively. We will also be consolidating certain positions out of the parks into a new park support shared services center. These positions are primarily back office functions such as finance, human resources and IT.

 

Moving some workflows in the functional shared service centers, allows us to become more efficient. As previously announced, we reduced our full time headcount by 240 employees or about 10% of the workforce. These have been very difficult decisions, as they affect many dedicated and talented team members, but we do believe this will improve our efficiency as an organization. Despite these changes, one key element of our corporate overhead structure will remain the same, local leaders will continue to lead local markets. Park leaders know their parks, communities, employees and markets best. We want to enable them to provide the best guest experience for the unique demands of each local market.

 

Our second productivity initiative is to reduce non-headcount operating costs. This essentially means that we are reviewing each operating cost with a fine toothcomb to eliminate excess. For example, we are eliminating two of our satellite offices and modifying our T&E policies to lower our corporate expenditures. A large portion of our non-headcount operating cost reductions will involve leveraging the scale of Six Flags as a whole, to centralize procurement, consolidate vendors and renegotiate contracts. As we go through this process, we are leaving no stone unturned, examining light items, as small as our lettuce expense, which serves as an interesting example. If we standardize that one order and by just one kind of lettuce, we will save $40,000 per year. We have hundreds of goods, where this concept would apply, from napkins to paint, to chlorine, to uniforms.

 

In addition, optimizing our rides will save us enough capex to fund a new ride every single year. Our park Presidents, engineers and maintenance teams have studied the performance of each and every ride, calculating the cost against the ride's throughput productivity. We now know which rides to redeploy across parks, which rides need to be refurbished, and which can be removed entirely. We are eliminating 15 underperforming rides this year, reducing maintenance costs, and freeing up significant capex resources.

 

Our third and final productivity initiative, is to optimize park level labor. We have developed a system that enables us to model more narrow attendance bands by park, by time of day, and by guest location, in order to better forecast our labor needs, better data analysis will allow us to align labor with guest demand by season, by day, and by hour. Better staffing will also increase guest transaction opportunities and decrease wait times. So we expect a revenue benefit from this initiative as well.

 

Moving to the revenue side, our five revenue initiatives are to optimize the following areas; first overall guest experience in our parks. Second, website and search engine optimization. Third, pricing and promotions. Fourth, media spending. And fifth, our culinary and retail offerings.

 

Let's start with the most important initiative, modernizing the overall guest experience. We have already begun to implement systems like advanced reservation systems, prepaid parking, mobile ordering, contactless security and cash to debit card kiosks, to provide a contactless experience on purchase transactions. All these improvements allow guests to spend more time having fun, and less time waiting. We also started testing virtual queuing, in order to learn how we can enable our guests to better plan, when they can ride their favorite roller coasters and reduce waiting in line.

 

Our second revenue initiative, redesigning the website and improving search engine optimization, can be a significant revenue driver, and we have already witnessed it's powerful impact through higher conversion rates. We launched our new website at one of our parks in August, and realized improved conversion of website traffic to sales by a double digit percentage. More than half of our revenue was derived from our website, so this is a very encouraging sign. We launched the new website across all of our parks in mid-October.

 

We've also seen how our third initiative, optimizing pricing and promotions can drive attendance and revenue growth. Before the pandemic, we began to change our pricing and outreach to target more single-day guests. In the first quarter, prior to shutting the seven parks that were open during that timeframe. We sold 38% more paid single-day tickets compared to the previous year, with total attendance up 19%.

 

The fourth revenue initiative is to optimize media spending. Our marketing team and media partners began using a new customized artificial intelligence tool, to analyze the return on our media spending by park and by media channel. We've tested this new tool and found that a highly targeted media spend has a clear and demonstrable impact on our attendance growth. So in addition to improving the efficacy of our media spend by using our new analytical tool, we intend to increase our marketing spend to 4% to 5% of revenue versus the historical 3% to 4%, based on observed returns of increased investments to drive incremental EBITDA dollars.

 

Our fifth revenue initiative, is to optimize our culinary and retail offerings. Food and beverage consistently rates as our lowest score in terms of guest satisfaction. We know that our guests expect more from us, and we intend to focus on providing a greater breadth of higher quality options, including healthy, indulgent and premium food and beverage choices. We have tested several enhanced food and beverage concepts, and are pleased with the initial uptick in our sales. This is a very big opportunity for us, since more than a third of our revenue comes from in-park spending and the majority of that is food and beverage.

 

While we will take time to fully implement all of our initiatives, we are already starting to see the impact on our results and look forward to updating you on our continued progress in the months ahead.

https://www.fool.com/earnings/call-transcripts/2020/10/28/six-flags-entertainment-corp-six-q3-2020-earnings/

 

[Medusa42]

https://investors.sixflags.com/news-and-events/press-releases/2020/12-07-2020-211532183

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Six Flags Announces Successor Chairman

 

December 07, 2020

 

ARLINGTON, Texas--(BUSINESS WIRE)-- Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that its Board of Directors has elected Selim Bassoul to succeed Richard Roedel as non-executive Chairman of the Board of Directors. The Company previously announced that Mr. Roedel will not stand for re-election to the Board at the upcoming Annual Shareholders meeting in May 2021. Messrs. Roedel and Bassoul will work together on a transition plan and timing over the coming months.

 

“I want to thank and congratulate Rich for his 11 years of service as a director, and ultimately chairman, of the board,” said Mike Spanos, President and CEO. “Rich has brought tremendous wisdom and judgment to our board during a time of transformation and growth. He has led the board with integrity and always with the best interests of our shareholders, guests, and team members in mind.”

 

Roedel reflected, “It has been my great honor to serve on the Six Flags board, most recently as chairman. I have great optimism for Six Flags’ future and leave the company in very capable hands with Selim, Mike, and the other experienced and well-respected leaders on the Board and in management.”

 

“On behalf of all directors, I would like to express our deepest respect and gratitude to Rich for his unwavering commitment and service to Six Flags,” commented Bassoul. “Over the past challenging year serving together on the board, I have found his support and advice invaluable. He leaves a tremendous legacy for us all to follow.”

 

“I want to congratulate and welcome Selim as our new Chairman of the Board. He has provided sound advice since joining the board, and I am excited to partner with him given his wealth of knowledge and experience, and previous track record of outstanding results, as a public company CEO and chairman,” commented Spanos.

 

Bassoul, 63, has served on the Board of Six Flags since February 2020. He previously served as Chairman and CEO of the Middleby Corporation from 2001 until his retirement in February 2019. During Mr. Bassoul’s tenure, Middleby became the leading global manufacturer of industrial and high-end residential appliances, growing market capitalization from $100 million to more than $6 billion and creating tremendous shareholder value.

 

[Medusa42]

CFO Sandeep Reddy gave a 55 minute presentation at an investor conference today with lots of information on the transformation plan.

 

https://icrinc.touchcast.com/showtime/icr-conference/embed/cb05ea39-1a00-6efc-ac84-011893f50ba9