Six Flags announces new CEO

Posted Friday, August 13, 2010 11:45 AM | Contributed by Tekwardo

[Ed. note: The following is a partial but unedited press release. -J].

Six Flags Entertainment Corporation, the world's largest regional theme park operator, today announced that James Reid-Anderson has been named the Company's Chairman, President and Chief Executive Officer, effective immediately.

Mr. Reid-Anderson, 51, previously served as Chairman, President and Chief Executive Officer of Dade Behring Holdings. Dade Behring emerged from Chapter 11 in September 2002 and under Reid-Anderson's guidance, Dade Behring established itself as a leader in customer excellence, innovation and shareholder value creation. In 2007, Dade Behring was sold to Siemens AG and following the completion of the transaction, Reid-Anderson served as CEO of the Siemens Healthcare Diagnostics Division, and then was promoted to CEO of the Siemens Healthcare Sector and appointed a member of the Siemens Managing Board.

"Jim is an exceptional CEO, and he brings to Six Flags an outstanding track record of shareholder value creation," said Usman Nabi, Executive Chairman of the Board of Six Flags and Senior Partner at H Partners. "As past investors in Dade Behring, we understand the value Jim delivers to shareholders, and the Board is confident that he will repeat this success at Six Flags."

Mr. Nabi continued, "I'd like to acknowledge the tremendous work of Al Weber, who has served as Interim CEO over the last three months. Under Al's leadership, we've streamlined our operations and re-focused our organization on our core theme park business. Al's deep industry experience will complement Jim's capabilities."

Mr. Nabi will continue to serve as a Director and a member of the Executive Committee of Six Flags while Mr. Weber will transition to the role of Chief Operating Officer.

"I am very excited to be joining Six Flags' dedicated group of employees and to build upon the momentum already underway at the Company," said Reid-Anderson. "With its strong portfolio of theme parks and improved capital structure, the Company is very well positioned for the long term. I look forward to enhancing the experience for our guests and continuing to build value for our stakeholders."

Prior to joining Dade Behring, Reid-Anderson held various financial and operational positions at Wilson Sporting Goods, PepsiCo, and Grand Metropolitan PLC, and currently serves as a Director on the Boards of Brightpoint, Inc. and Stericycle, Inc. He is a fellow of the UK Association of Chartered Accountants and received an Honors Degree in Commerce from the University of Birmingham, UK.

Read the entire press release on PR Newswire.

Friday, August 13, 2010 11:48 AM
kpjb's avatar

I don't understand. It doesn't mention anywhere in there about his feelings on OTSR's.


Hi

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Friday, August 13, 2010 11:56 AM
Tekwardo's avatar

"Al's deep industry experience will complement Jim's capabilities."

Al will still be COO, right? (Wasn't that what he was under Shapiro?) So it looks like they've got a COO that knows how to run the parks, and a CEO that knows a thing or 2 about companies post bankruptcy. I think this could be a good thing.


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Don't cry because it's over, smile because it happened.

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Friday, August 13, 2010 2:07 PM

A CEO who knows a thing or two about companies post bankruptcy and who understands how to build stakeholder value. In other words, a CEO who knows how to do the important stuff that a CEO needs to be able to do in order to keep the unitholders happy.

And with Al Weber as COO, it means they have someone who understands what it takes to build and operate great parks. A COO who knows how to do the important stuff that a COO needs to be able to do in order to make the parks keep the customers happy.

It sounds like Six Flags is headed in the right direction.

--Dave Althoff, Jr.


    /X\        _      *** Respect rides. They do not respect you. ***
/XXX\ /X\ /X\_ _ /X\__ _ _ _____
/XXXXX\ /XXX\ /XXXX\_ /X\ /XXXXX\ /X\ /X\ /XXXXX
_/XXXXXXX\__/XXXXX\/XXXXXXXX\_/XXX\_/XXXXXXX\__/XXX\_/XXX\_/\_/XXXXXX

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Friday, August 13, 2010 2:13 PM

Weber was never under Shapiro, he was the President and CEO of Paramount Parks/Kings Leisure Partners until Kinzel-fair took over.

Shapiro was the President and CEO of Six Flags. When he was ousted, Weber was appointed as Interim CEO--the two never worked together.

I don't think SF had a COO during the Snyder Regime, but they did during the Premier years. Keiran Burke was the CEO, Gary Story was the COO.

Last edited by Jeffrey Seifert, Friday, August 13, 2010 2:18 PM
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Friday, August 13, 2010 2:21 PM
Tekwardo's avatar

For some odd reason I was thinking the announcement stating that Weber was taking over as interim said he had previously been appointed as COO. Regardless, I still think this is a great pearing and hope that SF is on the right path.


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Friday, August 13, 2010 2:32 PM
birdhombre's avatar

^ Well thank God it's a great pearing, and not a paring; otherwise their skin would be cut off. Mmmm, juicy pears.

;)

[ /asshollery ]

Last edited by birdhombre, Friday, August 13, 2010 2:32 PM
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Friday, August 13, 2010 2:37 PM
Tekwardo's avatar

LOL, I'm leaving that there for context.


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Friday, August 13, 2010 2:45 PM

They should do well, but really, is it that hard to improve on the previous pear/pare/pair of Burke-Story?

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Friday, August 13, 2010 2:57 PM
Tekwardo's avatar

No, but I think now it becomes a 'whats next' kind of deal. Shapiro got the company out of bankruptcy and on the right path. Thankfully Al has experience with this particular type of industry, because having 2 people unfamiliar could prove to be another Burke-Story.


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Friday, August 13, 2010 4:09 PM

Story has worked in the amusement industry most, if not all, of his working life.


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Friday, August 13, 2010 4:21 PM
Tekwardo's avatar

Sure didn't help Six Flags out.


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Saturday, August 14, 2010 2:16 AM

^ No, but he did greenlight some great rides under his tenure. The parks will now be marketable without tons of capital thanks in part to the rides Gary Story added.

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Saturday, August 14, 2010 3:30 AM
Lord Gonchar's avatar

That's quite a stretch.

Any of us can spend a company into bankruptcy buying shiny new stuff.


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Saturday, August 14, 2010 5:04 AM

It feels like 2005 all over again.

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Saturday, August 14, 2010 10:15 AM
Mamoosh's avatar

^...and that's not a good thing.

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Saturday, August 14, 2010 8:34 PM

Lord Gonchar said:
That's quite a stretch.

Any of us can spend a company into bankruptcy buying shiny new stuff.


Not a stretch at all in my mind. I would sure love to take over a company after which one COO stacked the company with quality product, and another brought from the brink of bankruptcy. They can take care of business first without having to do an intial capital surge of marketable attractions. For most of the parks, they already exist. Ok, maybe I'm just babbling, But I'm actually excited about the future of the company.

Now it's about balance. I'm hopeful that under Al Webber's leadership, that's what we'll see from here foward.

Last edited by John Knotts, Saturday, August 14, 2010 9:22 PM
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Sunday, August 15, 2010 1:47 AM
Lord Gonchar's avatar

John Knotts said:
But I'm actually excited about the future of the company.

I am too. Have been since Burke/Story got bumped for the Snyder/Shapiro era. The company has only gotten better since those guys got the boot.

I pretty much agree with what you're saying, but earlier it seemed like you were painting Story as good for the company because he spent them into bankruptcy. The only credit they deserve is for almost killing the company.

Sure these new guys are walking into a great situation, but it never would have gotten ugly in the first place if it weren't for the debacles of the pre-2006 days.


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Sunday, August 15, 2010 1:10 PM
Tekwardo's avatar

Yeah, I definitely think they have a better, stripped down, and more manageable collection of parks that are in shape to do nothing but get better. If they can fill the gaps in in the parks that are lacking a couple of things, I think they can go forward and have a completely successful company which offers something for everyone in a regional setting.


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Don't cry because it's over, smile because it happened.

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