Six Flags Entertainment Corp., the theme park operator that emerged from bankruptcy protection last month, said Monday that three park executives are leaving the company as part of recent layoffs that the company estimates will save it $16 million a year.
The company did not disclose how many jobs were affected in the June 16 reductions, but said the move mainly targeted its New York City and Dallas corporate offices. Six Flags also is moving its CEO to the company's Dallas corporate headquarters. The estimated savings excludes severance and other costs, Six Flags said in a filing with the Securities and Exchange Commission.
"The effect of these reductions should bring the company's general and administrative costs more in line, on a percentage of revenue basis, with other companies in the regional theme park industry," the company said in the filing.
Leaving the company are Michael Antinoro, executive vice president of entertainment and marketing, Andrew Schleimer, executive vice president of strategic development and in-park services, and Mark Quenzel, executive vice president of park strategy and management.
The three executives had nearly three years left on their contracts and stand to receive their base salaries throughout that term. Antinoro receives $400,000 a year in salary while Quenzel and Schleimer each are paid $500,000 annually.
Their employment agreements also call for them to receive their target bonus for the past year, which totals $500,000 a year for Antinoro and Quenzel and $400,000 for Schleimer. The three also will receive severance and 12 months of health care and life insurance.
The company, which runs 19 theme parks in North America, filed for bankruptcy protection in June 2009, burdened by high levels of debt and declining park attendance. Its restructuring plan reduced its debt and redeemable preferred stock to about $1 billion from about $2.7 billion.
Change the scheme, Alter the mood! Electrify the boys and girls if you would be so kind!
I sure hope after all these little moves and changes that they have been making, that they still have plans for making the parks better. Seemed like Great Adventure got all the attention because the main office was in New York. So with Over Texas be getting the attention because they are the first SF park and the main office is close to there? I was so hoping the office would be moved to Washington DC. That way SFA could get at least some attention. Of course I'm just kidding. SFOT was the first SF park, so it makes sense for them to move it there.
James Reid-Anderson Named Chairman, President and Chief Executive Officer of Six Flags Entertainment Corporation
DALLAS, Aug 13, 2010 /PRNewswire via COMTEX/ -- 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."
Mr. Nabi will continue to serve as a Director and a member of the Executive Committee of Six Flags while Mr. Weber will transition to the role of Chief Operating Officer.
"I am very excited to be joining Six Flags' dedicated group of employees and to build upon the momentum already underway at the Company," said Reid-Anderson. "With its strong portfolio of theme parks and improved capital structure, the Company is very well positioned for the long term. I look forward to enhancing the experience for our guests and continuing to build value for our stakeholders."
Prior to joining Dade Behring, Reid-Anderson held various financial and operational positions at Wilson Sporting Goods, PepsiCo, and Grand Metropolitan PLC, and currently serves as a Director on the Boards of Brightpoint, Inc. and Stericycle, Inc. He is a fellow of the UK Association of Chartered Accountants and received an Honors Degree in Commerce from the University of Birmingham, UK.
These pages are in no way affiliated with nor endorsed by SeaWorld Parks & Entertainment, Cedar Fair, Legoland, Merlin Entertainment, Blackstone, Tussaud's Group, Six Flags, Universal Theme Parks, the Walt Disney Company or any other theme park company.
photos and videos on this website were taken with the permission of the park by
a professional ride photographer.
For yours and others safety, please do not attempt to take photos or videos at
parks without proper permission.
You need a sense of humor to view our site,
if you don't have a sense of humor, or are easily offended, please turn back
Most of the content on this forum is suitable for all ages. HOWEVER! There may be some content that would be considered rated "PG-13." Theme Park Review is NOT recommended for ages under 13 years of age.