Six Flags caves; names new chairman
Six Flags Entertainment Corporation has given in to a hedge fund's demands and replaced its chairman.
Last week, Jana Partners demanded that Six Flags replace Marilyn Spiegel. [See Hedge fund pushes for changes at Six Flags.] Today, the amusement park company announced the appointment of Richard “Dick” Haddrill as Executive Chairman of the Six Flags Board of Directors, effective immediately.
Spiegel will remain on the board as Lead Independent Director. The move adds an 11th member to the Six Flags board, at least until Jennifer Mason stands down at the end of her term this year, at which point the board will return to 10 members.
Haddrill is the former CEO of Bally Technologies, where he oversaw the company's acquisition by Scientific Games in 2014. The Jana Partners letter last week expressed the hedge fund's interest in seeing Six Flags engage with what the investors called "known buyer interest" in the company.
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The last minute upgrade to Great Adventure is reassuring, but it's clear investors and fans are impatient, skeptical with 2024-2025 performance. We'll never know why Kinda Ka was closed that way, was insurance too excessive to operate for a farewell event (how do legal settlements follow companies through mergers?) but pouring all resources into 365 parks hasn't helped morale in NJ (great adv was my home park, you don't piss off or on NJ without consumer backlash) or in the boardroom. I'm not getting a pass for my beloved Great America's 50th bc it will be a sad shizz show of maybe next year (to redevelop the hole that is now Yukon Territory into a CF level family section) and a sad shadow of what Kings Island's celebration was while Great Adv 50th went down the toilet. I want SF to succeed but headwinds of the iran war, GAS PRICES, aren't encouraging at the most crucial moment.
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this is an interesting development. it seems like jana partners really put the pressure on six flags, and it's not surprising to see them give in so quickly. hedge funds often have significant influence, and when they start pushing for board changes, companies tend to listen.
dick haddrill's background with bally technologies and his experience with the scientific games acquisition could bring some fresh perspective to six flags's leadership. the company has been through some rough patches, and having someone with gaming industry experience at the helm might help them navigate some of the challenges facing amusement parks these days.
i do find it a bit odd that marilyn spiegel is staying on as lead independent director though. it seems like a compromise position - she loses the chairman title but still maintains a prominent role on the board. that's probably not exactly what jana partners was pushing for, but it's a way for six flags to save face while still making the change that was demanded.https://scritchyscratchy.cc/
it will be interesting to see how this plays out. will the board change lead to actual improvements at six flags parks, or is this just going to be another case of hedge fund pressure resulting in superficial changes? only time will tell, but i'll be keeping an eye on how this affects the parks going forward.