Tuesday, April 23, 2024

Six Flags commences search for new CEO as Jim Reid-Anderson announces retirement

As part of its normal succession planning process, Six Flags Entertainment Corporation has announced that it has commenced a search process, and retained an outside search firm, to locate a successor for James Reid-Anderson, the Company’s Chairman, President and Chief Executive Officer, who has informed the Company of his intention to retire by the end of February 2020. The search process, being led by the Company’s board of directors, will evaluate both internal and external candidates for the position of Chief Executive Officer. While there can be no assurance as to the exact timing or the success of the process, it is the Company’s current intention to be in a position to name a new Chief Executive Officer by February 2020. The Board will also undergo a process to evaluate candidates for Chairman of the Board following Mr. Reid-Anderson’s retirement.

Jim Reid-Anderson

In connection with the succession planning process, on March 7, 2019, the Company and Mr. Reid-Anderson entered into a retirement agreement that becomes effective upon the earlier of: (i) notice from Mr. Reid-Anderson of a retirement date on or after February 28, 2020 and (ii) notice from the Company of the commencement date of an individual to become the next Chief Executive Officer of the Company. The retirement agreement provides for continuation of Mr. Reid-Anderson’s compensation arrangement under his current employment agreement through his retirement date.

Under the retirement agreement, if the Company identifies a new Chief Executive Officer before February 28, 2020, Mr. Reid-Anderson will continue to receive his salary through February 28, 2020 and if Mr. Reid-Anderson’s retirement date is before the bonus for calendar year 2019 is paid, any bonus Mr. Reid-Anderson would have received for calendar year 2019 will be paid based on actual Company results and consistent with the manner calculated for other senior executives.  The retirement agreement also provides for vesting of outstanding stock options that would have vested if Mr. Reid-Anderson had remained employed through February 28, 2021, a discretionary bonus for 2020 considering any portion of 2020 he remains as Chief Executive Officer, and provision for benefit continuation. The retirement agreement continues the non-competition, indemnification, confidentiality and proprietary information provisions in Mr. Reid-Anderson’s current employment agreement.     

Joe Kleiman
Joe Kleimanhttp://wwww.themedreality.com
Raised in San Diego on theme parks, zoos, and IMAX films, InPark's Senior Correspondent Joe Kleiman would expand his childhood loves into two decades as a projectionist and theater director within the giant screen industry. In addition to his work in commercial and museum operations, Joe has volunteered his time to animal husbandry at leading facilities in California and Texas and has played a leading management role for a number of performing arts companies. Joe previously served as News Editor and has remained a contributing author to InPark Magazine since 2011. HIs writing has also appeared in Sound & Communications, LF Examiner, Jim Hill Media, The Planetarian, Behind the Thrills, and MiceChat His blog, ThemedReality.com takes an unconventional look at the attractions industry. Follow on twitter @ThemesRenewed Joe lives in Sacramento, California with his wife, dog, and a ghost.

Related Articles

Latest Articles