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Michael Spanos Appointed New President and Chief Executive Officer of Six Flags

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Michael Spanos Appointed New President and Chief Executive Officer of Six Flags

 

October 24, 2019

GRAND PRAIRIE, Texas--(BUSINESS WIRE)-- Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that it has appointed Mike Spanos as President and Chief Executive Officer effective November 18, 2019, and as a member of the Board of Directors effective immediately. Mr. Spanos will be relocating to the Dallas-Fort Worth area with his family.

The company’s announcement follows a thorough search process led by a special committee of the Board of Directors. Jim Reid-Anderson, Chairman, President and CEO, will resign as a director and an officer of the company effective November 18, 2019. As of that date, Richard Roedel, who has served on the Board of Directors since December, 2010, will be appointed Non-Executive Chairman of the Board.

Mr. Spanos, 55, most recently served as Chief Executive Officer of PepsiCo, Asia, Middle East and North Africa (AMENA). AMENA is a sector with $6.0 billion in revenue that spans more than 43 countries with 20,000 direct and 115,000 indirect employees across food and franchise beverage operations, contributing $1.2 billion in operating profit. Under his leadership, the company set a new strategic direction that accelerated both top line and operating profit growth over multiple years through a transformational agenda, first in the Greater China region and then across the AMENA sector, generating significant shareholder value in relation to accelerated revenue, profit, and market share growth.

“Mike is a proven value creator and results-oriented leader, with a strong track-record in operationally intensive businesses both in North America and internationally,” said Jon Luther, Six Flags Independent Lead Director. “His strong strategic ability, marketplace intuition and people leadership skills make him ideal to lead Six Flags.”

Mr. Reid-Anderson added, “As a major investor in Six Flags, I have the utmost confidence in Mike’s ability to further supercharge our growth initiatives, continue to drive innovation, and deliver significant short, medium and long-term value for our stakeholders.”

“I am thrilled to join the dedicated and talented employees of Six Flags,” said Mr. Spanos. “Jim has built an amazing legacy, and I look forward to the next horizon of growth. It is a privilege to be able to lead such a superb organization.”

Mr. Spanos previously held commercial general management roles of increasing responsibility at PepsiCo since 1993, first starting as a frontline territory manager in North America. He has served across multiple international markets for more than seven of his 25 years with PepsiCo, including assignments in Eastern Europe, Asia, the Middle East and North Africa. Before joining PepsiCo, Mr. Spanos served in the United States Marine Corps from 1987 to 1993. He is a graduate of the US Naval Academy with a B.S. degree in History, and received his M.S. degree in Organizational Behavior from the University of Pennsylvania.

 

 

Source:  Six Flags

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This is an interesting thing to bring up the day after Six Flags stock tanked from a bad Q3 earnings report.

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Under his leadership, the company set a new strategic direction that accelerated both top line and operating profit growth over multiple years through a transformational agenda, first in the Greater China region and then across the AMENA sector, generating significant shareholder value in relation to accelerated revenue, profit, and market share growth.

 

I also got the impression that experience working in markets where Six Flags has international development deals was extremely important.

 

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The Spanos Employment Agreement

 

Summary of compensation:

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In connection with Mr. Spanos’ appointment as President and Chief Executive Officer, the Company entered into an employment agreement with Mr. Spanos (the “Spanos Employment Agreement”) that provides for, among other things, a base salary of at least $1,150,000 per year and an annual bonus with a target of 150% of his base salary for the 2020 calendar year. In lieu of any bonus for the 2019 calendar year, Mr. Spanos will receive a signing bonus of $215,000 payable at the same time annual bonuses to other executive officers are paid with respect to the 2019 calendar year. On the Effective Date, Mr. Spanos will be granted options to purchase 305,000 shares of the Company’s common stock and associated dividend equivalent rights in accordance with a nonqualified stock option agreement under the Company’s Long-Term Incentive Plan, which will vest in equal amounts upon each of the first four anniversaries of the grant date, and a performance-vesting stock unit and associated dividend equivalent rights with respect to 10,000 shares under the Company’s Long-Term Incentive Plan. Pursuant to the Spanos Employment Agreement, upon the Effective Date, Mr. Spanos will be granted restricted stock units of the Company with a value of $2,000,000 in accordance with a restricted stock unit agreement, under the Company’s Long-Term Incentive Plan, which will vest in equal amounts upon each of the first three anniversaries of the Effective Date. Mr. Spanos will also be granted, on the Effective Date, additional sign-on options to purchase 120,000 shares of the Company’s common stock and associated dividend equivalent rights in accordance with a nonqualified stock option agreement under the Company’s Long-Term Incentive Plan, which will vest in equal amounts upon each of the first four anniversaries of the grant date. Mr. Spanos will also be entitled to participate in or receive benefits under the employee benefit programs of the Company, including the Company’s life, health and disability programs, as well as to receive reimbursement of certain expenses incurred during his employment. Mr. Spanos will receive a relocation allowance of $165,000. The Spanos Employment Agreement also contains provisions for separation payments and benefits upon certain types of termination of employment as well as contains customary non-competition, indemnification, confidentiality and proprietary information provisions.

 

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On 10/24/2019 at 4:59 PM, 29yrswithaGApass said:

Please don’t switch from Coke to Pepsi.  

 

What the heck is wrong with Pepsi? (I honestly don't care because I don't drink either brand's titular beverages)

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44 minutes ago, Pineracer said:

 

What the heck is wrong with Pepsi? (I honestly don't care because I don't drink either brand's titular beverages)

It’s not Coke. Personal preference of course. 

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