Six Flags has changed leadership on its board of directors, giving into one recent demand from activist investor Jana Partners.
In a letter to the Six Flags board obtained by Reuters earlier this month, Jana Partners said Six Flags should appoint a new chair to replace Marilyn Spiegel — who only assumed the role in January — and to start talking with potential buyers. “It is now in the best interest of shareholders for the company to reverse course and engage with known buyer interest in Six Flags,” the letter said.
Replacing Spiegel as executive chair will be Richard Haddrill, a former CEO of slot machine manufacturer Bally Technologies. A Six Flags press release lauded Haddrill as having “decades of experience in the entertainment and leisure industries” — but no record of having worked in the amusement park industry.
In a statement, Haddrill said, “Six Flags is an incredible business, and I believe in the steps [Six Flags CEO] John Reilly and the management team are taking to strengthen execution and realize the full potential of the irreplaceable Six Flags portfolio.”
As is usually the case with activist investors, Jana Partners’ demands are based on a belief that Six Flags is underperforming. The firm revealed it had taken a 9 percent stake in Six Flags last October, in partnership with Kansas City Chiefs tight end Travis Kelce, citing a need to upgrade operations, marketing, and the in-park guest experience.
Six Flags has seen plenty of swift changes since the chain merged with former rival Cedar Fair in mid-2024. The combined company’s record so far has mostly consisted of shutting down major coasters, closing and selling off parks, and delaying major new rides. According to Reuters, the company’s stock price has declined 56 percent over the last 12 months.