Breaking news: Sources tell CoasterBuzz that Jack Falfas has resigned as COO of Cedar Fair

Posted Saturday, June 12, 2010 6:47 PM | Contributed by Jeff

Two sources external to Cedar Fair have made credible statements to CoasterBuzz indicating that chief operating officer Jack Falfas has resigned from his position with the company. We've sent e-mail to official channels to confirm, and are waiting for a response. Again, this has not been confirmed by the company. Stay tuned...

According to the Cedar Fair Web site, Falfas has been with the company for 33 years and served as COO since 2005.

Monday, June 14, 2010 3:54 PM
Jeff's avatar

For those who actually still doubt it, trust me, it's real. Not only is his name gone from the Cedar Fair site, but even seasonals at CP know.


Jeff - Editor - CoasterBuzz.com - My Blog - Silly Nonsense

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Monday, June 14, 2010 3:57 PM
Tekwardo's avatar

Once he was off the site, that was confirmation enough for me. And again, I can't understand why there hasn't been a press release of some sort.


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Monday, June 14, 2010 4:06 PM
Jeff's avatar

The gossip mill seems to imply this was a significant parting of ways between Kinzel and Falfas. I'm starting to get a better feel for the dynamic between those two, and the company at large. I don't think Falfas was as much of a micromanager by choice as some would imply.


Jeff - Editor - CoasterBuzz.com - My Blog - Silly Nonsense

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Monday, June 14, 2010 4:11 PM
crazy horse's avatar

Yep......his name is gone.

http://www.cedarfair.com/ir/company/officers/


what you've just said is one of the most insanely idiotic things I have ever heard.
Everyone in this room is now dumber for having listened to it.
I award you no points, and may God have mercy on your soul.

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Monday, June 14, 2010 4:30 PM
mlnem4s's avatar

Jeff said:
I'm starting to get a better feel for the dynamic between those two, and the company at large.

If you ever worked there your head would shudder in disbelief that someone like Kinzel could ever be CEO of a billion dollar corporation. I swear I had many moments of picking my jaw up off the floor. Sadly, there are so many good people who, out of passion or need for a job, take a lot of grief and put of with tons of crap. I truly feel sorry for them the most and am always amazed they can muster a smile at work.

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Monday, June 14, 2010 4:31 PM

Most of the Cedar Fair administrators were micromanagers because they were micromanaged. If that is the only leadership style you've ever known it stands to reason you would take on some of those traits. (An abused son becomes the abusive father, if you will.)

I just can't imagine what would be the barrier to putting out a release. At the very least the local press knows...and Cedar Fair knows they know. So, why not just come out with it. I don't think for a second that they will name another COO immediately.

Boy, if you are the two new guys on the BoD you have to be thinking to yourself...what the hell is going on?

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Monday, June 14, 2010 4:47 PM
Tekwardo's avatar

I don't think Falfas was as much of a micromanager by choice as some would imply.

I wanted to make a similiar comment earlier, that I wondered if he micromanaged because he had to.

I met Falfas once in 2005 at Solace. Nice guy. Especially when he found out my friend and I were from West Virginia (Jack went to WVU). He made sure to poke fun of us every time we passed him that day.


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Monday, June 14, 2010 4:56 PM

I was never sure whether he was a micromanager by breed or just because he thought that's what he had to or was supposed to do because that's what the guy at the top wanted. I'm not sure if the comment about a lot of higher up people having an "easy" job because of Falfas was necessarily true, although I think I understand where that comment came from. You mean they didn't have to make decisions for themselves because Jack made the decisions for them. To me, it would be frustrating to be as high up as a park GM with a guy in Sandusky, Ohio telling me I had to do things the Cedar Point way.

I guess now we'll never know whether he was the source of a lot of those decisions or whether the Dick said, "make it so" and Jack had to be the bad guy.


-Matt

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Monday, June 14, 2010 6:01 PM
mlnem4s's avatar

Unit price took a hit today, down almost 4%. Could this "news" be setting off tremors in the financial community about the stability of Cedar Fair management? This is going to be an interesting week watching the unit price.

Dick must not watch tv much to see another company screwing up just as bad right now. He is acting pretty much like BP by trying to hide the truth, be less then forthcoming, pretend everything is ok, etc. How does a board allow this to happen and how does this man STILL have a job when it is a board's role to protect investors?!?!?!

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Tuesday, June 15, 2010 3:00 AM

I've got to imagine that Cedar Fair knows they need to make this known to their investors through at least a targeted statement before an investor (Q would seem likely here) takes the opportunity to call foul to the SEC for not being forthcoming with pertinent news that will effect the unit value and is not proprietary/trade secret information. The fact that they have yet to do so is extremely surprising.

Losing your COO so suddenly and for such mysterious reasons is no small problem, at least in the eyes of investors.


Original BlueStreak64

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Tuesday, June 15, 2010 7:18 AM

I wonder what is really REQUIRED though. His name was gone from the website the Monday after it happened. Is that enough? Personally, I don't think so, but I'm not sure what the regulations actually state.


-Matt

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Tuesday, June 15, 2010 8:51 AM
Tekwardo's avatar

Regardless of what is required, there are shareholders that Kinzel & Co. should be more respectful of. If they continue to keep it a secret and something happens that the share prices fall even more, that could look very bad.


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Tuesday, June 15, 2010 9:38 AM

From SEC.gov

"Q: Is the obligation to report an event specified in Item 5.02(b) of Form 8-K triggered by a director's or officer's notice to the issuer? Must the Form 8-K disclose the effective date of the resignation or other event?

A: Yes. With respect to any resignation, retirement or refusal to stand for re-election reportable under Item 5.02(b), the Form 8-K reporting obligation is triggered by a notice of a decision to resign, retire or refuse to stand for re-election provided by the director or executive officer, whether or not such notice is written. The disclosure shall specify the effective date of the resignation or retirement. In the case of a refusal to stand for re-election, the registrant must disclose when the election in question will occur, for example, at the registrant's next annual meeting. No disclosure is required solely by reason of Item 5.02(b) of discussions or consideration of resignation, retirement or refusal to stand for re-election. Whether communications represent discussion or consideration, on the one hand, or notice of a decision, on the other hand, is a facts and circumstances determination. A registrant should ensure that it has appropriate disclosure controls and procedures under Exchange Act Rules 13a-14 and 15d-14 in order to determine when a notice of resignation, retirement or refusal has been communicated to the registrant."


Form 8-K is a current event filing. It must be filed within four business days of the event occurrence. Form 8-k

Last edited by La Coqueta, Tuesday, June 15, 2010 9:45 AM
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Tuesday, June 15, 2010 9:48 AM
Jason Hammond's avatar

That made my head hurt. ;)

It says they have to tell us that he resigned and tell us the date he resigned.. But, I don't see anything about a timeline of how soon one would have to disclose the information other than at the next shareholder meeting or prior to the next election which ever comes first. Did I read that right?


854 Coasters, 34 States, 7 Countries
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Tuesday, June 15, 2010 10:00 AM
Tekwardo's avatar

Well it says they must file that form upon resignation, and I would assume that that would be something that would need to be done close to the event and reported on.


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Tuesday, June 15, 2010 10:23 AM
Jason Hammond's avatar

Well, it says the obligation to report is triggered by the resignation. But it doesn't say how soon that obligation must be met.


854 Coasters, 34 States, 7 Countries
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Tuesday, June 15, 2010 10:25 AM

Jack made Cedar Fair! Dick helped but Jack's work ethic is second to none! His loyalty is second to none! Dick has lost his mind! If he let's this go through that shows he is running scared! He is to old to run the company! His ideas are mush! He spends money on stupid things and tries to scare the employees into doing whatever he wants! He is a money grubbing SOB that cares about nothing but his units! He has a no nepitisim rule but yet puts his family in front of others! He has employees ripping the park off because of his scew the employees attitude! He has replaced long term good employees with people that don't car except that it is a 40 hour a week job! All of the long term employees that have left in the last 3 years are working very happily for other companies! With his attitude of we can replace them at a cheaper cost is starting to catch up with him! Look at the mess the companies in now!

Good luck Jack! What a smart move to get the hell out of Hitlers thumb!

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Tuesday, June 15, 2010 10:35 AM
Tekwardo's avatar

Wow! I really like exclamation points too!


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Tuesday, June 15, 2010 10:38 AM
mlnem4s's avatar

Has anyone who is an on-record unit holder and written to the company about personnel changes had a response?

If not, again the board is failing to do their job by making sure all SEC rules are being followed and are liable for fraud and deceit when it comes to protecting investor's interests. Have they not learned a thing from the financial catastrophe we are dealing with in the world?

I hope an investor like Q has put them on notice and threatened them with a lawsuit; seems to be the only way Kinzel & Co. act.

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Tuesday, June 15, 2010 11:07 AM
Jason Hammond's avatar

mlnem4s said:
If not, again the board is failing to do their job by making sure all SEC rules are being followed and are liable for fraud

Says who? You?


854 Coasters, 34 States, 7 Countries
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