Posted Monday, December 6, 2010 3:56 PM | Contributed by Jeff
[Ed. note: The following is an unedited though partial press release. -J]
The Board of Directors of Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it has retained Korn/Ferry International, one of the world’s leading executive recruiting firms, to assist the Company with the final phase of its previously announced and ongoing succession planning process.
Among other things, Korn/Ferry will work with the special committee of independent directors of the Cedar Fair Board, which includes C. Thomas Harvie, David L. Paradeau and John M. Scott III, to identify and evaluate qualified candidates to succeed current Chief Executive Officer Dick Kinzel, whose employment agreement expires on January 2, 2012. This confidential process will include both internal and external candidates and is expected to be completed by the end of the second quarter of 2011.
“Today’s action is an important step toward the completion of our thorough process for a seamless leadership transition,” said Tom Harvie, Cedar Fair’s lead director of the special committee. “We look forward to working with Korn/Ferry to identify and evaluate candidates who can help lead the Company in its plan to deliver long-term growth and value creation.”
Harvie said that, out of fairness to all involved and to maintain the confidentiality of the process, the Company would not comment further on the process or any candidates under consideration until a successor is named.
Read the entire press release from Cedar Fair.
Doesn't look like anyone from Q Funding is on the search committee.
I believe Scott III was one of the Q appointees, was he not? That said, I'm still not sure how "independent" this group will be.
You are correct. Scott was added by Q. My bad.
Guess we will have to wait and see how indpendent the group actually is in operation. Some companies do a better job at that than others. I suspect that we will hear the Q Funding rep screaming foul if there are independence issues.
Who do I email to nominate Jack Falfas? ;)
Ill be scanning the skies for golden parachutes...
It'll be interesting to see where this goes. I'll still be shocked if they go outside the company for their next chief executive. It's also worth noting that the Proxy CF filed with the SEC back in mid-November regarding Q's special meeting stated that "the Board of Directors UNANIMOUSLY recommends that you vote against the proposals." Have Scott and Affeldt already been sucked/brainwashed by tenured CF directors & Kinzel and broken away from Q to recommend voting against removing Kinzel as Chairman and increasing the dividend? (the latter of which I think is a foolish idea to do right now anyway).
Good lord. The way there are articles about this every single week and considering how it will take another six months to come to a conclusion, you'd think Cedar Fair was Apple replacing Steve Jobs or Disney replacing Walt (had he not passed away). Dick Kinzel is so incredible, it's going to take this much time and effort to find a worthy successor?
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