Posted Friday, November 5, 2010 12:55 PM | Contributed by Jeff
Cedar Fair Entertainment Co.'s largest shareholder has refiled a request for a special shareholders meeting and this time is more specific about what it wants -- the removal of Chief Executive Richard Kinzel from another post at the company, chairman of the board. Q Investments also wants the amusement park operator to renegotiate with its lenders to allow it to pay shareholders a higher dividend.
Q Funding filings seem to be pretty amateurish. Maybe its deliberate.
Can I be the first to say....IT'S ABOUT TIME!!!!!!
Didn't Kinzel announce earlier this week that's retiring and the search for a new CEO is under way?
No, it was reiterated that his contract expired in January 2012.
I know that he could change his mind again but it sounds like he's retiring this time.
The board is looking for his replacement. This would also be the perfect time to fulfill Q's request and split the role.
They want to get rid of him off the board so when his contract expires his contract is not continued and they get to choose the CEO (aka their Chairman gets to make the pick).
Not really news by itself, but Cedar Fair (unsurprisingly) put out a press release indicating that they'll respond to Q, and that when the vote happens, you should really really really read all of the materials, and trust us, because Q totally is nothing to worry about.
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