Cedar Fair vote elects to split CEO and chairman roles, distribution increase too close to call

Posted Tuesday, January 11, 2011 12:04 PM | Contributed by Fun

Shareholders of Cedar Fair Entertainment Co. voted today in Huron to change the management structure of the company. The shareholders also voted on raising the dividend, but the vote was too close to call this morning.

Read more from The Plain Dealer.

Friday, January 14, 2011 12:32 PM
Tekwardo's avatar

I was talking with AV Matt about food the other nite. I don't think he (Dick) gets it. He has the whole 'people gotta eat' attitude, but the thing is, if you go to CP and you don't want to eat park food, you can go do a decent sit down restaurant on the point, and that's still money going to the company, and it doesn't feel like you're 'leaving' the park. Same with Knott's Chicken (Which is good).

It's a shame, because during the fall months, Carowinds had Turkey legs (which were good) and bread bowls (didn't get to try those). The food doesn't have to totally suck. I don't mind paying the prices if the food doesn't make me gag.


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Friday, January 14, 2011 1:04 PM
Fun's avatar

The funniest part about the whole "people gotta eat" quote is that since it was made, in-park spending has decreased year after year.

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Friday, January 14, 2011 1:21 PM
obxKevin's avatar

They still don't get it. Yeah, "people gotta eat," but not in the park. They need to make it so people WANT to eat...in the park. There are so many other parks who do this exceptionally well.


The poster formerly known as 'Zcorpius.' Joined 2004
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Friday, January 14, 2011 8:01 PM
Raven-Phile's avatar

Tekwardo said:
I was talking with AV Matt about food the other nite.

Just you wait and see, buddy. You haven't had a good meal at a park yet. :) I've given Matt a list of places you should eat.


R.I.P LeRoi Moore 9/7/61 - 8/19/2008
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Friday, January 14, 2011 11:12 PM

Cedar Fair purchased Knott's Berry Farm and so acquired the rights to the Knott's food brands.

Rather than extend the brand and feature it in other Cedar Fair properties they sold the packaged Knott's brand. For years the Knott's packaged food business has bounced from one food conglomerate to the next.

All the while the Knott's Chicken Restaurant concept is stranded in California. This was an excellent opportunity to upgrade food offerings across all parks and platforms.

CEO Kinzel pays hefty franchise fees to acquire name brand restaurants to sit on the outer edges of Cedar Point. Example TGIFriday's at the marina. Those venues are starved for resources to operate properly.

Cedar Fair has missed the quality food boat other parks got on long ago. Guests will enjoy the value of a quality meal on park and pay a premium price to do so.

Like so many other details, CF dropped the ball, or could not see the diamonds in the rough when handed to them.

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Friday, January 14, 2011 11:19 PM
LostKause's avatar

Tek didn't mention the biggest thing that turned ME off to Mr. Kinzel, and that's that he tried to sell the company, cheaply, not compensating the unit holders appropriately. At the same time, he managed to fix it to where he would really make out on the sale.

And that sale failed, and didn't go through, which cost the company millions anyways. It was a selfish endeavor that could have made Dick even MORE money, but instead ended up losing money for the company.

That whole situation made me realize that Dick is an untrustworthy, and arguably dishonest, person.


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Saturday, January 15, 2011 11:50 AM

Actually the Knott family sold the packaged food line to ConAgra several years before the sale of the park. It's currently part of the Smuckers line. As far as exporting the Mrs. Knotts Chicken Dinner to other CF properties, I was under the impression that there is a clause in the sale of Knotts that prevented that.

Last edited by Dutchman, Saturday, January 15, 2011 11:52 AM
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Tuesday, January 18, 2011 1:07 PM

First, regarding the "Bart Situation", I think anyone could have a goodyear with an increased marketing budget and a $25 million coaster.

Dick has received large payouts/bonuses in the last couple years, asmost salaries/bonuses for other employees have been frozen (except forhis relatives).

This board of directors gives board of directors a bad name. Anyonesee the Q funding pamphlets that were sent out before the proxy vote? CF is an example of what is wrong with corporate America in general, noaccountability/oversight, as I'm sure the Board will agree with Kinzelon most issues as long as they get their half million dollars+ for afew meetings a year.

LostKause said:
Tek didn't mention the biggest thing that turned ME off to Mr. Kinzel, and that's that he tried to sell the company, cheaply, not compensating the unit holders appropriately. At the same time, he managed to fix it to where he would really make out on the sale.

And that sale failed, and didn't go through, which cost the company millions anyways. It was a selfish endeavor that could have made Dick even MORE money, but instead ended up losing money for the company.

That whole situation made me realize that Dick is an untrustworthy, and arguably dishonest, person.

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Add to all this the Falfas situation (which I'm sure is not a good signfor the company) and you have a big mess, most of which is directlyattributable to Kinzel's leadership or actions undertaken by him. He'slost his touch and is too old, imo, to be at the reins. He's madeenough money and set his kids up pretty well. Give it up. It's justan ego thing now. The fact that he tried to set himself and his family up with a golden parachute by jettisoning the company says to me that he's deliberately putting the company at risk for his own benefit. CF is publicly owned, it's not called "Kinzel and Sons".

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