Shareholders in America’s third-largest amusement park chain have shaken up the company’s leadership structure amid withering criticism of current top management.
Investors demanding changes at Cedar Fair Entertainment won a majority vote that will block company officeholders, including the current CEO, from serving as board chairman.
The current chair and chief executive, Richard Kinzel, has been criticized by some shareholders for mismanaging Cedar Fair’s 18 amusement and water parks while taking home a compensation package valued at more than four million dollars in 2009.
Cedar Fair owns Cedar Point in Sandusky, Ohio, Michigan’s Adventure in Muskegon, Canada’s Wonderland near Toronto and 15 other properties.
(Copyright 2011 WWJ Newsradio 950. All Rights Reserved. The Associated Press Contributed To This Story)