Six Flags Appoints New Independent Director to its Board of Directors

Rhea-AI Summary

Six Flags Entertainment Corporation (NYSE: SIX) has appointed Marilyn Spiegel to its Board of Directors, effective immediately. Spiegel's extensive background in the hotel and entertainment industries is expected to enhance the company’s strategic direction, focusing on guest experience and profitable growth. She will stand for election alongside current board members at the 2023 Annual General Meeting. This decision follows constructive discussions with Land & Buildings Investment Management, which views Spiegel's appointment as a beneficial move for shareholders. Six Flags operates 27 parks across North America, emphasizing an inclusive environment.

Positive

• Appointment of Marilyn Spiegel adds expertise in hospitality and operations.
• Engagement with Land & Buildings indicates proactive governance.

Negative

• Concerns regarding continuity and experience gaps in leadership.

ARLINGTON, 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 Marilyn Spiegel to its Board of Directors, effective immediately. Marilyn will stand for election along with the Company’s six other directors at the Company’s 2023 Annual General Meeting.

“We are delighted to welcome Marilyn to Six Flags,” said Ben Baldanza, Non-Executive Chairman of the Board. “Her experience spanning over three decades in the hotel and entertainment industries will provide the Company with valuable insight and guidance as we seek to elevate the guest experience and deliver long-term, profitable growth.”

“I am very pleased that Marilyn has decided to join our Board. Her leadership and operational expertise in hospitality, revenue management and human resources adds important skills to our Board as we execute on our strategy,” added Selim Bassoul, Six Flags President and Chief Executive Officer.

The Six Flags’ Board of Directors regularly engages with its shareholders on corporate governance and strategy topics. As the Company has noted previously, it has engaged with Land & Buildings Investment Management, LLC several times over the past few months to understand its views. Today’s announcement follows constructive dialogue between Land & Buildings and Six Flags.

“The addition of Marilyn to Six Flags’ Board, with her extensive track record in the hospitality industry and her experience overseeing operations with significant real estate portfolios, is a positive development for Six Flags’ shareholders,” said Land & Buildings Founder and Chief Investment Officer, Jonathan Litt. “As we’ve previously stated, we believe the company has a tremendous value creation opportunity in front of it – including by exploring ways to potentially monetize its uniquely valuable real estate portfolio. We look forward to continuing to engage with the Board and leadership team.”

“Six Flags is an iconic brand, and I believe my skills in delivering an exceptional guest experience, motivating frontline team members, and driving margin improvement will help guide the Company on its exciting transformation,” said Spiegel. “I look forward to working with the Board and management team to create long-term value for Six Flags’ shareholders.”

Advisors
Goldman Sachs & Co. LLC is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Six Flags.

About Marilyn Spiegel

Marilyn Spiegel is an accomplished gaming and hospitality executive with over three decades of experience in the entertainment industry. She has served as the President of seven distinctive Las Vegas casino and entertainment properties where she was responsible for day-to-day operations – Wynn Las Vegas and Encore, Harrah’s Las Vegas, Rio All-Suite Hotel, Bally’s, Paris Las Vegas, and Planet Hollywood. Mrs. Spiegel was one of the first female leaders to run a major Las Vegas casino and entertainment resort. Prior to these roles, Mrs. Spiegel was Senior Vice President of Human Resources for Harrah’s Entertainment, where she led the organizational design, recruitment, training, compensation, and benefit programs.

Mrs. Spiegel currently serves as a Board Member of Invited Clubs, a member of the Board of Advisors for Nicholas & Company, Executive Secretary and Board Member of Catholic Charities of Southern Nevada, and Board Member of the Thomas Spiegel Family Foundation. Mrs. Spiegel has a bachelor’s degree in marketing and a master’s degree in education from the University of Utah.

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation is the world’s largest regional theme park company with 27 parks across the United States, Mexico and Canada. For 61 years, Six Flags has entertained hundreds of millions of guests with world-class coasters, themed rides, thrilling waterparks and unique attractions. Six Flags is committed to creating an inclusive environment that fully embraces the diversity of our team members and guests. For more information, visit www.sixflags.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230131005499/en/

Stephen Purtell

Senior Vice President

Corporate Communications, Investor Relations and Treasurer

+1-972-595-5180

investors@sftp.com

Source: Six Flags Entertainment Corporation

FAQ

Who is Marilyn Spiegel and what is her background related to Six Flags?

Marilyn Spiegel is a seasoned executive with over 30 years in the hotel and entertainment sectors, previously leading major Las Vegas casino properties.

What does Marilyn Spiegel's appointment mean for Six Flags shareholders?

Her experience is expected to drive guest experience improvements and long-term growth, which can enhance shareholder value.

What recent discussions have Six Flags had with Land & Buildings?

Six Flags has engaged in constructive dialogue with Land & Buildings regarding corporate governance and strategy.

When will Marilyn Spiegel be officially elected to the Board?

She will stand for election at the Company's 2023 Annual General Meeting.