Investors Restructure Cedar Fair Management

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)

Comments

One Comment

  1. Leland Wykoff says:

    Management got it wrong.

    Again.

    Kinzel and the Board of Directors were so confident in their plans and vision of the company.

    If only those pesky owners of the company would leave them alone.

    Why then they could extend golden-parachute plans to more relatives, grant stock options while keeping the unit price depressed via twenty-five cent dividends (then reap the value of the vested options expected to escalate once historic dividend levels are restored), and installing the Kinzel Kids to run the company.

    Once again Management has failed to grasp the direction the owners of the company demanded to go.

    While we do not have the final results on the dividend/payout, the fact the vote was so close as to be difficult to call sends a strong message to the Board–increase the dividend.

    This day ushers in new fresh leadership, while ushering old stale ideas out.

    Unitholders rejoice.

    Today the healing begins.

    Today Unitholders fixed the staying on and hanging around problem Mr. Kinzel seems to suffer.

    Retirement was scheduled years ago. Then he stayed on. Recently Mr. Kinzel made a generous offer to unitholders to stick around and serve as the Chairman of the Board following his retirement.

    Thanks, but no thanks, Mr. Kinzel.

    Cedar Fair has, quite frankly, grown beyond your skills to manage it. The vision for Cedar Fair must be more than amusement and water parks with a few hotels tossed in, almost as an after thought.

    To grow and prosper CF must have a wider vision and mission. This is a vision the company has failed to embrace.

    Unitholders must now assist with the transition of the Board of Directors and top management to assure Cedar Fair moves quickly to a bright future.

    A future which will build upon our past but will not be hindered by our past.

    Thanks to all fellow Unitholders who voted with such conviction.

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