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Mark Shapiro, CEO of Six Flags out; Former Paramount CEO in

R

RCF

Strata Poster
NEW YORK, May 12 (Reuters) - Six Flags, which emerged from bankruptcy protection this month, abruptly replaced its chief executive on Wednesday, turning to a 40-year industry veteran who has served as an advisor to the company's current owners.

New York-based Six Flags, which operates 19 parks, named Alexander Weber as its interim president and CEO. During the bankruptcy proceedings, Weber was an advisor, first to Six Flags' senior bondholders and later to junior bondholders led by Stark Investments.

Weber replaces former CEO Mark Shapiro who is no longer with the company. Six Flags did not offer a reason for Shapiro's departure.

Shapiro's surprising exit comes a little more than a week after the company exited bankruptcy protection and wound up in the hands of its junior bondholders.

A former ESPN executive, Shapiro took the top job at Six Flags in 2006. He shifted the company's strategy toward attractive more families to its amusement parks.

"Mark had a very strong vision for that company and taking it forward," said theme park consultant Dennis Speigel. "I have to believe that he wouldn't leave unless he came to a disagreement with the board."

Six Flags has wiped out more than a billion dollars in debt after filing for Chapter 11 last June. The company emerged from bankruptcy on May 3, just before the start of the lucrative summer season. [ID]

Weber is the former CEO of Paramount Parks, a theme park company that was bought by Cedar Fair (FUN.N) in 2006. He most recently was a management affiliate for private equity firm MidOcean Partners.

In testimony earlier this year, Six Flags' Chief Financial Officer Jeffrey Speed said MidOcean, among other companies, approached Six Flags about doing a deal.

Last June, analysts had expected the management team would survive a restructuring. But Shapiro is the second high- profile executive to leave the company this month.

The company's emergence from bankruptcy also ended the reign of Washington Redskins football team owner Daniel Snyder, who led a heated proxy fight for the company in 2005 and installed himself as chairman.

Six Flags said it has retained an executive search firm and will consider both internal and external job candidates for the CEO post.
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http://www.reuters.com/article/idUSN1219047320100512

Thoughts?
 
ECG

ECG

East Coast(er) General
Staff member
Administrator
Not really sure about this even though I loved the parks too Ben, but can't wait to see what UC has to say.
 
madhjsp

madhjsp

Giga Poster
You said it, Ben.

KD became much cleaner and more efficient after Cedar Fair took over, and I'm sure that applies for the rest of them as well. The only thing I miss about the Kings Dominion of old was the extra movie theming.
 
gavin

gavin

Moderator
Staff member
Moderator
Social Media Team
Hmmmm, I gues it actually is true that Americans don't get sarcasm...
 
B

Ben

CF Legend
^I was being serious!

Marvellous, magical lands like California's Great America and Kings Dominion only instill a sense of excitment in me that such magical attractions like Paramount installed could soon find their way into Six Flags parks! I mean, all that tarmac and fabulously low capacity rides, make me very excited!
 
Snoo

Snoo

The Legend
gavin said:
Hmmmm, I gues it actually is true that Americans don't get sarcasm...
Click to expand...

Nah.. some are just slower on the uptake.. lets not start with Taylor.. :lol:
 
madhjsp

madhjsp

Giga Poster
I think you misread my post Gavin. I was agreeing with Ben that while the Paramount parks were owned by Paramount... they kind of sucked. Cedar Fair has improved them considerably by cleaning them up and installing better rides (Diamondback, Dominator, I305, etc.)

This new guy, Weber, had nothing to do with that. So I second Ben's ho-hum attitude towards his selection as Shapiro's replacement.
 
Tomatron

Tomatron

Giga Poster
I'm quite excited by this.

Shapiro did a great job in reducing the company out of a lot of its debt, but there needs to be some fresh ideas coming in to supplement the structure that is already in place.
 
R

RCF

Strata Poster
Yeah apparently Weber was just an interim CEO, but I heard he's still staying at the company.
 
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