Bassoul stepping down from Six Flags 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 that Selim Bassoul, executive chairman, and Daniel J. Hanrahan, lead independent director, will step down from the Company’s Board of Directors (the “Board”), effective Dec. 31, 2025. Following the departure of Bassoul and Hanrahan, the Six Flags Board will comprise 10 directors, and Marilyn Spiegel will assume the role of non-executive Chair of the Board, effective Jan. 1, 2026.
“Leading the Six Flags Board of Directors through a period of transformation has been one of the most rewarding experiences of my career,” said Bassoul. “Together, we built a stronger, more innovative company – one that successfully completed the industry’s largest merger, expanded its growth opportunities, and refined the guest experience through technology and creativity. I am especially proud that Six Flags has been recognized as one of the best and brightest companies to work for nationwide – proof of our exceptional culture and the dedication of our people.”
Bassoul continued, “As I transition from the Board, I do so with great confidence in Marilyn Spiegel as she steps into the role of Chair. Marilyn’s experience and deep understanding of hospitality and guest experience make her exceptionally well suited to guide Six Flags into its next phase of growth. I look forward to seeing her leadership and vision propel the Company to even greater success.”
Hanrahan added, “It has been a privilege to serve on the boards of Cedar Fair and Six Flags for the past 12 years, and I am incredibly proud of our accomplishments over that time. We have built one of the largest and most successful regional amusement park companies in the world, with a collection of unmatched entertainment properties. With a resilient business model and clear vision to optimize performance, I am confident Six Flags is well positioned to execute against its strategic priorities to deliver superior returns for its shareholders and unique experiences for its guests.”
After stepping down from the Board, Bassoul will serve as a consultant to the Company to facilitate the ongoing development and completion of Six Flags Qiddiya City in Saudi Arabia, which is expected to open during the first half of 2026. “Looking ahead, I’m excited to continue supporting the Company through the completion of Six Flags Qiddiya City in Saudi Arabia – a landmark project that will showcase the next generation of entertainment experiences and global innovation,” Bassoul added. “It represents not only a bold step for Six Flags but also a vision of what the future of theme parks can be. I look forward to helping bring that vision to life and watching this remarkable company continue to inspire millions of guests worldwide.”
“On behalf of the entire Board and management team, I thank Selim and Dan for their dedication to the Company and their respective contributions to legacy Six Flags and legacy Cedar Fair,” said Spiegel. “Both Selim and Dan have provided invaluable leadership, expertise and guidance, and they were instrumental in executing last year’s merger. We wish them the best going forward.”
Spiegel continued, “It is an honor to be elected non-executive Chair of the Board and to succeed Selim in this role. Six Flags offers thrills and entertainment for the entire family that you cannot get anywhere else. Looking ahead, we are focused on delivering exceptional guest experiences and operating parks as efficiently as possible. Our process to identify the Company’s next CEO is underway and we are excited for Six Flags to achieve its full potential in the years ahead.”
How strange. There are actually consequences for failed executives.
Jeff - Editor - CoasterBuzz.com - My Blog
Bassoul will go down as the worst hire in the history of the industry. No one has destroyed as much value and goodwill as he has.
Where does Six go from here? It’s a clean slate come January 1.
Worth pointing out: Marilyn, the new chairman has experience with REITs and land lease agreements from her casino and hospitality background. Feels inevitable at point.
super7*:
But there aren’t consequences. They pocketed millions of dollars from the merger.
This exactly. Executives hop company to company, extracting as much wealth as possible for themselves. Do a merger, sell assets, call it a win, take a hefty bonus or golden parachute, rinse and repeat. They are a plague on business and society.
Having worked with some pretty terrible executives, I can tell you definitively, it's not always about money. Don't get me wrong, I have interacted and even worked with leaders that are money driven, but they are weirdly in the minority. The majority of them seek internal power (control over others) or external fame/impact.
Bassoul likely doesn't need money. Getting another million or even $10 million won't fundamentally change his life. But he may have a lot of feelings about being seen as a failure. He may have a lot of feelings not overseeing yet another company. Sometimes losing those things are worse than losing money.
FUN ended the stock trading day at $20.06 though the entire market is down and we now have newly announced 100% tariffs on China as of this afternoon which doesn't help.
Spiegel has impressive experience in the leisure/hospitality industry. Being in the "people" side of the business, I think there is hope she, leading the board soon, can right the ship as far as having the right leaders in the right positions. The personnel cuts made will probably stay for the time being but Ms. Spiegel has the experience to know it is the PEOPLE who make all the difference and hopefully will approve adding back positions where desperately needed at some point.
It is my understanding that there has been some interest in a few of the lower volume parks. I suspect in the year ahead we will see additional asset divestitures, unfortunately. I still believe the next few years really should focus on maximizing what already exists in the parks vs. spending tens-of-millions on new products. Disney is a perfect example of taking classic attractions down for a year or more, updating them with new technologies/theming, and marketing it as "new" to draw crowds successfully. Rapids rides have been around since the 80's but haven't had any updates....new waterfalls, new water features, new story overlays, etc. could refresh the excitement in them again. Same for coasters with new tunnels, lighting effects, audio effects, new trains, etc. (I for one can't fit into the old Arrow Mine Train cars with single position lapbars and would appreciate updated trains!) Of course a ride rotation program could be beneficial, I am thinking Scream at MM finding a better home as one example.
Fun:
Worth pointing out: Marilyn, the new chairman has experience with REITs and land lease agreements from her casino and hospitality background. Feels inevitable at point.
I was afraid of that as soon as I saw her background. A lot of the Vegas casinos have sold the land underneath them and now lease it back.
-Matt
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