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Spanos out as CEO

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Postby Sven18 on November 15th, 2021, 9:25 am
https://www.sec.gov/ix?doc=/Archives/ed ... 198d8k.htm
Item 5.02.

Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Departure of Michael Spanos

On November 13, 2021, Six Flags Entertainment Corporation (the “Company”) and Michael Spanos entered into an agreement and general release (the “Spanos Agreement”), pursuant to which Mr. Spanos stepped down as President and Chief Executive Officer of the Company, effective November 14, 2021, and resigned as a member of the Board of Directors of the Company (the “Board”), effective November 13, 2021. Subject to Mr. Spanos’s compliance with certain obligations under the Employment Agreement between Mr. Spanos and the Company, dated as of October 24, 2019, as amended by the Amendment No. 1 dated February 18, 2020, the Spanos Agreement provides that Mr. Spanos is entitled to receive, among other things, (1) payment of a pro rata portion of his 2021 annual bonus in accordance with the Company’s procedures for the payment executive bonuses; (2) payment of one year’s base salary and target bonus within 60 days of November 14, 2021; and (3) accelerated vesting of certain outstanding unvested equity awards held by Mr. Spanos. The Spanos Agreement also contains a release of claims against the Company and its affiliates.

The foregoing description of the Spanos Agreement does not purport to be complete and is qualified in its entirety by the full text of the Spanos Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference into this Item 5.02.

Appointment of Selim A. Bassoul as President and Chief Executive Officer

On November 14, 2021, the Company appointed Selim A. Bassoul as President and Chief Executive Officer of the Company.

Mr. Bassoul, age 64, has served as a director of the Company since February 2020 and served as non-executive Chairperson of the Board from February 2021 to November 14, 2021. Prior to joining the Company, Mr. Bassoul served as Chairman (from 2004 to 2019), President and Chief Executive Officer (from 2001 to 2019) of The Middleby Corporation, a manufacturer of food service and processing equipment. Mr. Bassoul previously served on the boards of Confluence Outdoor, Piper Aircraft, Inc., and Scientific Protein Laboratories LLC.

There are no arrangements or understandings between Mr. Bassoul and any other person pursuant to which Mr. Bassoul was appointed as President and Chief Executive Officer. There are no family relationships among any of the Company’s directors or executive officers and Mr. Bassoul.
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Postby FParker185 on November 15th, 2021, 6:54 pm
Well that doesn't sound good. New CEO has no Theme/Amusement Park experience at all. Guessing he's a $$$ man
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Postby Coaster Justin on November 17th, 2021, 6:28 pm
FParker185 wrote:Well that doesn't sound good. New CEO has no Theme/Amusement Park experience at all. Guessing he's a $$$ man



On one hand, Paul Pressler/Bob Chapek had no theme park experience.
On the other hand, Jim Reid Anderson/Michael Eisner+ Frank Wells didn't either
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Postby SFGAM__man on November 18th, 2021, 1:24 am
None of the recent string of Six Flags CEO's are theme park people because nobody with integrity in the theme park industry wants that job.
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Postby Coaster Justin on November 18th, 2021, 12:11 pm
SFGAM__man wrote:None of the recent string of Six Flags CEO's are theme park people because nobody with integrity in the theme park industry wants that job.



Al Webber was for a few months
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Postby staticshadows on November 20th, 2021, 12:23 pm
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Postby Sven18 on November 20th, 2021, 4:53 pm
FParker185 wrote:Well that doesn't sound good. New CEO has no Theme/Amusement Park experience at all. Guessing he's a $$$ man


My take is that the Board & Spanos had a major falling out over some his changes. SF results in Q3 were not nearly as good as Cedar Fair & SEAS. They may not be sold on his vision of more customer focus, making more in park improvements/spruce ups, the new pricing plan, the not something at very park & no chain wide announcement video.

One thing I find interesting is that SF across the chain has been dropping prices of passes since the initial debut of 2022 passes. SFGAm new passes initial price was $80, they dropped to $65 and now are at $60. Normally the best price is at debut. That price will go up eventually & may be matched again for Black Friday or Xmas sales. SF in the past has never started at higher price on debut & cut the price. It makes me think that the pass sales are below goals & expectations at this point, thus they reduced the price. There are also confounding factors of passes being only for your home park & there was no big Flash Sale event with the announcement video. These are both new policies by Spanos, which made them like the other chains. The passes only at home park was not universally liked & it initially appeared they were rolling out tiered passes with the same benefits as member levels to assuage the blowback . There have now been reports that tiered passes are only going to be at certain parks, currently SFFT, SFOT, GAdv have them.

Spanos was making big changes, started them & the Board might not have belief in them, though they never gave them a full chance. They saw lackluster initial results/feedback & might have gotte rid of him.
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Postby staticshadows on November 21st, 2021, 12:23 am
Oct 18th: Selim Bassoul appointed to the Board of 1847 Goedeker Inc.
Oct 27th: Six Flags Q3 Earnings
Nov 4th: Selim Bassoul resigns from the Board of 1847 Goedeker Inc., "due to unexpected commitments on his time that could not have been previously anticipated."
https://m.marketscreener.com/quote/stock/1847-GOEDEKER-INC-109987931/news/1847-GOEDEKER-INC-Change-in-Directors-or-Principal-Officers-form-8-K-36921295/
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