BREAKING NEWS: Mark Shapiro Replaced

NEW YORK ?????? May 12, 2010 ?????? Six Flags Entertainment Corporation (??????Six Flags??????) today announced that Alexander ??????Al?????? Weber, Jr., former President and CEO of Paramount Parks, Inc., has been named President and Interim Chief Executive Officer, effective immediately. The Company is retaining a leading executive search firm and will consider both internal and external candidates to serve as Chief Executive Officer on a permanent basis.

??????I am excited to have this opportunity to serve as President and Interim Chief Executive Officer of Six Flags,?????? said Weber. ??????The Company has made great strides to improve park operations and has significantly reduced its outstanding debt, paving the way for Six Flags to continue investing in its operations to provide an even more enjoyable experience for the whole family.??????

Weber continued, ??????I thank Six Flags?????? dedicated employees for their commitment to the Company and to providing guests with friendly, safe and clean services at all of our parks. Six Flags has been entertaining families and has been an important part of the communities in which it operates for nearly fifty years. Today, the Company is stronger than ever, with a solid financial position and a positive outlook for the upcoming summer season. The Company is poised for continued growth and success and I look forward to working with the Board of Directors, management team and all of the Company??????s employees to capitalize on the opportunities ahead.??????

* Six Flags?????? recent accomplishments include:
* Outstanding customer satisfaction: Six Flags has achieved all-time high guest approval ratings based on product offering, atmosphere, value, employee service and safety.
* World-class facilities: The Company has upgraded and invested in all of the parks and added numerous family friendly rides and attractions, and today the parks are in great condition.
* Focus on family: Six Flags has become more family friendly through the creation of a more diversified family entertainment experience, with activities that appeal to all age groups.
* Commitment to the community: The Company has implemented a company-wide green initiative across its theme park and water park locations, and through its ??????Six Flags Friends?????? program, provides community service, supports non-profit organizations and grants educational scholarships.
* Financial strength: Six Flags?????? recently completed balance sheet restructuring to reduce the Company??????s outstanding debt by 60%, making Six Flags one of the least levered companies in the theme park industry and allowing for continued investment in parks and attractions.

The Company also today announced Mark Shapiro, the Company??????s former President and Chief Executive Officer and a member of the Board of Directors, is no longer with the Company.


About Al Weber
Al Weber has 40 years of experience in the regional theme park business. He has successfully implemented new business strategies, organizational improvements and growth initiatives. Previously, Weber served as President and Chief Executive Officer of Palace Entertainment, LLC, the largest water park and family entertainment center company in the United States. Prior to that, Weber served as President and Chief Executive Officer of Paramount Parks, Inc from 2002 to 2006. Weber received a Bachelor??????s Degree in Liberal Arts and Master??????s Degree in Business Administration from Xavier University, and a Doctorate in Organization and Management from Capella University.

[Oscar]

Source?

http://www.reuters.com/article/idUSN1219047320100512 Here's a second article.
I reposted that first one from another site, I'll ask him to source that one. But there's quite a few sites covering this.

[Oscar]

thanks

What a novel concept, putting someone with experience in the theme park industry in charge of a theme park chain!

now awaiting huge thud as mikey jumps into the stratosphere for joy

[Coasterkidmwm]

Didn't Shapiro reduce debt and increase cleanliness? I like that change....

[Mikey]

It is amazing what an employee led stock holder backed revolt can do.

[Oscar]

I like what he was doing, except for firing Mikey [:)]

[Turbo]

WOOOHOOOO!

But in his defense, (as said above by Ckid) he did improve cleanliness and reduce some debt. in addition, i can see what his idea for a business plan was. make the parks more family friendly. that -could- have helped, but i don't think it did very well.

WOOHOOO!

Hopefully they'll continue the debt reduction Shapiro started.

Hope that he will take care of some problems,like the changement of S:ROS in Bizarro.I sounds good that he worked in a amusement park,maybe a brighter future for SF.

[Metazoanhaddock]

hopefully he will do a good job, if not, well.....

Well, my opinion of Al Weber seems to be different from many. During his tenure, I watched the local Kings Dominion go from a wonderfully operated, family-oriented park, to a poorly run, cut-to-the-bare-bones thrill ride only oriented park. Budgets were cut, operations went down the tubes, maintenance of wood coasters went out the window, and staffing was reduced. Entertainment? Gone. Simultaneously, food prices skyrocketed, and quality went way down. Think no one notices? Attendance plummeted. Rumor has it that Kings Dominion lost about 600,000 people PER YEAR. That is rumor. However, I can attest to greatly reduced attendance. It's very visible. I know lots and lots of people who go to Busch Gardens now instead. Telltale signs of reduced attendance include the amount of parking lot used, Saturday crowds, etc. So, if Kings Dominion is any example, Six Flags is in trouble!

[Mikey]

Keep in mind Al Weber is only a stop-gap, he more then likely will not be the permanent CEO. His services should suffice in the interim until a new CEO is appointed, I would not expect any major changes at this time.

I hope he fixes supermannn!!!!!!!!!!! YESSSS
He will bring back the quality of six flags..

Pretty sure there's nothing to "fix" about Superman, nor is there anything incredibly bad that Shapiro has done.

i hope you sent in your CV mikey, mike for SF leader yeah baby yeah

w00t! Now let's see that stock price come back up from $0.017...

[Mikey]

Gazag,

I could not consciously accept such a position with out major support from the shareholders and the public at large. While I certainly understand the business in the big picture, I do not have the financial background or expertise to manage the remnants of a company emerging from bankruptcy.

My position in this life is not necessarily at the top or the bottom, but the fine line between them that separates the common interest of the company and its employees. I walked away from Six Flags, but I never walked away from my friends and family who worked there.

I wish the Six Flags origination all the best in building a better, brighter future for the company. If they want my help, they know where to find me.

[Oscar]

I know how to manage a business on the verge of bankruptcy! i.e. CoasterCrazy.com!

^[lol] Oscar for Six Flags CEO!

[Mikey]

Ya, lets put Oscar in charge.

[slosprint]

Yeah, Although he'd probably do even more of this:

[Oscar]

Well, drastic times calls for drastic measures. It doesn't look all that bad. Plus, when you are riding, you sure aren't checking out the paint work of the ride, you are experiencing the feel of the ride.