Six Flags Announces New CEO

[bkroz]

http://investors.sixflags.com/phoenix.zhtml?c=61629&p=irol-newsArticle&ID=1459818&highlight=

DALLAS, Aug. 13 /PRNewswire-FirstCall/ -- Six Flags Entertainment Corporation (NYSE: SIX), the world's largest regional theme park operator, today announced that James Reid-Anderson has been named the Company's Chairman, President and Chief Executive Officer, effective immediately.

Mr. Reid-Anderson, 51, previously served as Chairman, President and Chief Executive Officer of Dade Behring Holdings. Dade Behring emerged from Chapter 11 in September 2002 and under Reid-Anderson's guidance, Dade Behring established itself as a leader in customer excellence, innovation and shareholder value creation. In 2007, Dade Behring was sold to Siemens AG and following the completion of the transaction, Reid-Anderson served as CEO of the Siemens Healthcare Diagnostics Division, and then was promoted to CEO of the Siemens Healthcare Sector and appointed a member of the Siemens Managing Board.

"Jim is an exceptional CEO, and he brings to Six Flags an outstanding track record of shareholder value creation," said Usman Nabi, Executive Chairman of the Board of Six Flags and Senior Partner at H Partners. "As past investors in Dade Behring, we understand the value Jim delivers to shareholders, and the Board is confident that he will repeat this success at Six Flags."

Mr. Nabi continued, "I'd like to acknowledge the tremendous work of Al Weber, who has served as Interim CEO over the last three months. Under Al's leadership, we've streamlined our operations and re-focused our organization on our core theme park business. Al's deep industry experience will complement Jim's capabilities."

So they found a man who does not have any amusement park experience, but rather, experience in rebounding shareholder value and steering through post-bankruptcy proceedings. A good idea if you ask me! It's also quite funny to see these press-releases coming out of Dallas.

Speaking of which, Al Weber is staying on as Six Flags' COO... Turns out he, too, is an operations guy...

[bkroz]

A Theme Park Insider's advice to the new CEO. A good read, and he makes many good points!

http://www.themeparkinsider.com/flume/201008/2058/

His fifth piece of advice is perhaps the best:

5. If it's not yet clear, you've inherited a company that's cut costs to the bone. There's nothing to be saved here in operational expenses. With Chapter 11 behind you, most of your financial expenses have been written off as well. Six Flags' only hope is to increase investment in creative development in order to build a more attractive vacation destination for free-spending customers. If you're unwilling to do that - and choose instead to "create shareholder value" through "operational efficiencies" and spending cuts, I guarantee that within three years, we'll be writing here on Theme Park Insider about the end of your term running Six Flags.

Just as we've written about the demise of the many management teams which preceded you.

[thekidd33]

Six Flag's 2nd Quarter Conference Call transcript can be read here.

Attendance is up, per caps are down ever so slightly, and outstanding debt is $830 million, down from $2.7 billion before the bankruptcy.

[The Interpreter]

See also this thread, which I was posting as you typed your post!

http://www.KICentral.com/forums/index.php?showtopic=22517&view=getnewpost&hl=&fromsearch=1

Will Al Weber stay on as COO since he was not selected as CEO and President? I'd say that remains to be seen. Perhaps he will, perhaps he will not. In any event, his salary was reduced by $200,000 according to the stock prospectus, if he was not selected as CEO and President...

[The Interpreter]

...Some viewers have said they find Mr. Six kind of creepy, or at least an odd way to market a theme-park aimed at children.

Jim Reid-Anderson, Six Flags' new chairman, president and chief executive, apparently agrees with the critics. Under his leadership, Six Flags now concedes it has put too much marketing muscle behind Mr. Six and says future advertisements will feature much less of the dancing senior.

Mr. Six, it seems -- and you knew this was coming -- has been deep sixed....

http://www.timesunio...tion-654820.php

[The Interpreter]

Jeff Speed, the former CFO, who was relieved of his duties without cause, is contesting that and has filed for arbitration.

Al Weber, the now COO and former President and Interim CEO, had been making $800,000 per annum prior to the hiring of the new President and CEO, whereupon his salary was to drop to $600,000. Today, an amended employment agreement with Mr. Weber was filed with the SEC, under which the $800,000 salary is restored, along with long term incentives to be paid over the coming years.

[bkroz]

Al Weber, the now COO and former President and Interim CEO, had been making $800,000 per annum prior to the hiring of the new President and CEO, whereupon his salary was to drop to $600,000. Today, an amended employment agreement with Mr. Weber was filed with the SEC, under which the $800,000 salary is restored, along with long term incentives to be paid over the coming years.

Well deserved, says this casual observer!

And yes, that's based on his track record in the industry, and what he did for the ole' HMS Six Flags during his short time at the helm... It's not easy to bail out that much water, but he got the thing floating again, and hopefully on the track for long-term success.

[Gordon Bombay]

and choose instead to "create shareholder value" through "operational efficiencies" and spending cuts,

Sounds like this other company I've read about.