Snyder named chair of Six Flags board, directors still looking to sell company
Posted Thursday, December 1, 2005 2:38 PM | Contributed by Jeff
ix Flags Inc. on Thursday said its board unanimously named dissident investor Daniel Snyder as non-executive chairman as the amusement park operator weighs restructuring or selling to an outside bidder. "All directors are committed to continuing the sale process," Snyder said in a statement.
it's not good news if you like coasters. chances are, with snyder getting a larger role in who buys the company, he will favor bidders who share his beliefs (too coaster-centric, not enough for the family with small kids to do, etc.). he could just sell it to an investor who likes his plan and lets him go to it.
Why is everyone so low on Snyder? Six Flags DESPERATLY needs a shot in the arm... Snyder has proved to be a competent businessman in multiple fields (the Redskins, while not performing the best on the field, are far and away the most profitable team in the NFL).
No one knows. That's the problem. Much as I'm glad to see someone stepping in, I'd kinda like to know what they're planning on doing. I'm hesitant to support someone whose not in it for the parks as much as the cash.
Well, what most successful business people who "fly by the seat of their pants" do is surround themselves with experts who *do* have a solid plan. It's not as if Snyder will be doing this on his own. There are other board members and perhaps a new company partnership who will also have ideas of their own.
True, but you still at least have to have a general idea of where you're headed and what you want to happen. Anything else, as Jeff said, it just incredibly lucky. Even if you're surrounding yourself with competent people, it's not good enough to just go with the flow and make it up as you go along. Even if that roadmap is "Well, [name] is an expert in [field] so I'll trust his instincts", at least there's direction. Although with that kind of attitude, why not just have [name] as the top exec?
I think Snyder wanted to be in the board because he wanted to make sure that they make a good profit for the sale or it could be after he was let in on the news on how much people are willing to pay for Six Flags he jump right in and decide to sell because he will make lots of money off the sale.
But so far, what we know about the people Snyder has surrounded himself with are that one was a bigwig at ESPN and the other is a home builder. How that translates into managing amusement parks is beyond me.
the one good thing is that there are 3 people on Snyders side and the 4 others are part of the origianl board. So, hopefully the 4 origianal board members will stick to their guns and not let the Snyder crew become top execs
RatherGoodBear...I think you hit the nail on the head...It doesn't translate into amusement/theme park management team. I think what it does translate into though is a team that is waiting in the wings to sell off parks and/or excess property for development into housing/retail/entertainment venues.
I wouldn't worry to much about Dwight Schar unless you live in the NE. NVR, the company Dwight is chairman of, is mostly a NE homebuilder. They build homes in Maryland, Virginia, West Virginia, Pennsylvania, New York, New Jersey, Delaware, Ohio, North Carolina, South Carolina and Tennessee under the names of Ryan Homes, NVHomes, Fox Ridge Homes, and Rymarc Home.
RGB there are a number of successfull business people that have led major corporations in which they didn't have any experience managing.