SIX adds Jonathan Brudnick to board
Posted
From the press release:
Six Flags Entertainment Corporation (NYSE: FUN) (the “Company”, “Six Flags” or the “Combined Company”), the largest regional amusement park operator in North America, today announced the appointment of Jonathan Brudnick, a Partner at Sachem Head Capital, to its Board of Directors (the “Board”) effective immediately. Brudnick will serve as a Class III Director for the term ending in 2027 and as a member of the Board’s Nominating and Corporate Governance Committee.
As previously announced, Selim Bassoul, executive chairman, and Daniel J. Hanrahan, lead independent director, will step down from the Company’s Board of Directors effective December 31, 2025. With the addition of Brudnick, the Six Flags Board will expand from 12 to 13 directors, 11 of whom are independent. Following the departures of Bassoul and Hanrahan, the Board size will decrease to 11, 10 of whom are independent directors.
“Jonathan’s appointment advances the Board’s ongoing refreshment process and we are pleased to welcome him to the Board,” said Bassoul. “As an engaged shareholder with significant capital markets and transaction experience, Jonathan brings important perspectives that will be additive to our Board as the Company enters its next chapter of growth and value creation. Six Flags is a great business with tremendous upside, and I look forward to seeing its full value unlocked in the years ahead.”
“It is a privilege to join the Six Flags Board at such a pivotal moment for the Company, and we appreciate the constructive engagement we have had with the Board and management team,” said Brudnick. “We invested in Six Flags because we strongly believe in the potential of the business and that numerous pathways exist to addressing the Company’s current undervaluation. I look forward to working with my fellow directors to continue the important work underway to ensure Six Flags builds on its legacy as the premier amusement park company in North America.”
In connection with Brudnick’s appointment to the Six Flags Board, the Company has entered into a cooperation agreement with Sachem Head, pursuant to which Sachem Head has agreed to a customary standstill, voting and confidentiality commitments, among other provisions. Details of the cooperation agreement will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.
About Jonathan Brudnick
Jonathan Brudnick is a partner at Sachem Head, where he has served since 2017. Previously, he held roles at a number of private equity and public market investment firms.
Brudnick graduated from Emory University with a BBA in finance and earned an MBA from the Wharton School of the University of Pennsylvania.
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Do you mean that they were putting the guest experience as the top priority while making sure the employee experience was not far behind? Agreed.
Focusing on the product. Revolutionary.
"You can dream, create, design, and build the most wonderful place in the world...but it requires people to make the dreams a reality." -Walt Disney
Fun:
Seems clear to me: The parks that only know how to install thrill rides are not growing.
Feels like we discussed this exact topic in depth during the Kinzel era, and moreso around the time of his departure.
I wonder if the lot of us were given a park to run how successful or not would it be. I think we would have a fairly good shot at succeeding, probably better than many of the people currently running parks.
Yeah, I can't even manage a park in RCT2. I'd have trains colliding by Day 2. Fun on my screen! Not so much in real life.
That said: NSFW, like legacy Six Flags, is at the point where finance is hindering their ability to run parks, as opposed to supporting it. Cedar Fair made some financial errors, but in the main, pre-merger CF was using finance to support a vision.
It all just makes this merger the more mystifying, unless you assume it was just about senior managers getting paid. Which I mostly do. Especially because they had to cut the Cedar Fair shareholders out of the equation in order to get it done.
The people from private equity, and there are 4 now on the board, will destroy this company and the parks. It is exactly what SIX went through back in the early 2000's driving down legacy Six Flags to the Spirit Airlines of amusement parks. It is going to take the coaster and theme park enthusiast communities to stand up to what these people will do, potentially destroying the parks forever. Will anyone care enough to be that vocal though? That is the question.
Gunkey Monkey:
It is going to take the coaster and theme park enthusiast communities to stand up to what these people will do
We are a miniscule fraction of the attendance at the parks. This isn't a government protest. They don't care about us and we don't matter to their business decisions. It's just the truth.
If I get one those biscuits as part of my Season Pass Severance Package, that might be worth it.
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