Tag Archives: Dick Kinzel

Cedar Fair, News and Updates, News Stories

Cedar Fair names former Disney executive Matthew A. Ouimet president of the company

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Matthew A. Ouimet
Matthew A. Ouimet
  • Ouimet brings deep amusement park and resort industry experience and a rich understanding of financial, operational and brand management to this leadership role
  • Ouimet will succeed CEO Dick Kinzel on January 3, 2012, as part of Company’s CEO succession planning process

SANDUSKY, OHIO, June 20, 2011 – Cedar Fair Entertainment Company (NYSE: FUN) today announced that Matthew A. Ouimet has been named president of the Company, effective immediately. Ouimet, 53, will succeed Dick Kinzel, 70, as chief executive officer, who will retire upon the expiration of his contract on January 3, 2012. Today’s action is in line with Cedar Fair’s previously announced CEO succession planning process.

Ouimet is a 20 year veteran of the amusement park and hospitality industry, of which 17 years were spent with the Walt Disney Company (“Disney”). During his tenure with the global entertainment conglomerate, he had the opportunity to work in a wide range of business lines with increasing levels of responsibility. Highlights of his tenure at Disney include serving as:

  • Senior vice president, finance and business development, and chief financial officer of the Disney Development Company, in which he was responsible for the financial management of Disney’s resort, theme park and corporate real estate projects in California, Florida and France;
  • Executive general manager of Disney Vacation Club, where, through expanded marketing and sales initiatives, Disney established itself as a major competitor in the timeshare industry;
  • President of Disney Cruise Line, where his team built the most successful family cruise product in the industry;
  • President of the Disneyland Resort, where he and his team developed and implemented a comprehensive strategic plan that resulted in significantly improved and sustained performance for Disneyland’s 50th anniversary and beyond.

In 2006, Ouimet was recruited to serve as the President of Starwood Hotels & Resorts, overseeing 900 owned, managed and franchised hotel properties in 95 countries. In this capacity, in support of brand-driven pricing premiums, he drove an operational focus on delivering a guest experience consistent with the characteristics of each of Starwood’s hotel brands, including St Regis, Westin, Sheraton, W Hotels and five other brands. In 2008, Ouimet joined Corinthian Colleges, a $2 billion, publicly-held, post-secondary education company which operates in the U.S. and Canada. As President and Chief Operating Officer, Ouimet championed executive talent development and the expansion of management and systems infrastructure to support rapid growth in the student population and expanded regulatory complexity.

“Without question, Matt is the right leader to join Cedar Fair now as it builds momentum on its renewed path of sustained, profitable growth in 2011 and beyond,” said C. Thomas (“Tom”) Harvie, independent chairman.  “Throughout his career, Matt has proven to be a critical thinker and effective business strategist with an enviable track record for identifying growth opportunities within existing businesses in the amusement park and resort industry. His broad and diverse background in resort development, finance, marketing and operations will allow him to integrate quickly into Cedar Fair.

“While our thorough search process with the assistance of the executive search firm Korn/Ferry International enabled us to meet with and consider many extremely qualified candidates, the Board agreed that Matt stood out from the rest due to his strategic business mindset and his natural and engaging leadership style,” said Harvie.

“Matt is an impressive business and operational executive whose character and values will be a great complement to the strong Cedar Fair culture,” said Dick Kinzel, chief executive officer. “I look forward to working with him over the coming months to ensure a seamless leadership transition.”

Ouimet currently serves on the Board of Collective Brands, Inc., a $3.4 billion global enterprise encompassing the internationally recognized footwear brands of Payless, Sperry Top-Sider, Stride Rite and Saucony, where he serves as a financial expert on the audit and finance committee. He earned a Bachelor of Science degree majoring in accounting from State University of New York at Binghamton.

“I am thrilled to join this successful Cedar Fair leadership team. I am particularly pleased to have the opportunity to work closely with Dick Kinzel and to continue to build on his legacy in years to come,” said Matt Ouimet. “Cedar Fair is a wonderful company – its properties are vibrant and extremely well-run, its reputation is superb, and the record-setting 2010 performance has put us on a path to deliver the positive financial results Cedar Fair has long been known for. I am truly honored to have this opportunity and sincerely thank the Board for entrusting me with this critical leadership role at this pivotal point in Cedar Fair’s evolution.”

“On behalf of the Board, the management team and all of our colleagues past and present, I would like to thank Dick Kinzel for his unparalleled vision, passion and selfless dedication to Cedar Fair over the years,” said Harvie. “Without Dick, Cedar Fair would not have the opportunities or the growth potential it has today. He has been the heart and soul of this organization for many, many years and, while he can be succeeded, he can never be replaced. We wish Dick and his wonderful family all the very best as he moves into his well-deserved retirement at the end of the year.”

Kinzel began his career in the amusement park industry at Cedar Point in 1972. In 1986, he was named president and chief executive officer of Cedar Fair, L.P., the parent company of the parks, which was listed on The New York Stock Exchange (NYSE: FUN) in 1987. Kinzel also served as chairman of the Board from 2003 to 2010.

 

News and Updates, News Stories, Rides, Spinning Rides, Thrill Rides

Cedar Point’s WindSeeker takes flight

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From the Sandusky Register…

WindSeeker Ribbon Cutting
SANDUSKY

Cedar Point finally launched WindSeeker, giving thrill seekers the ride 301 feet above Lake Erie they’ve been waiting for.

The first batch of riders rode up into the sky at 8:10 p.m. Tuesday.

Two season pass holders from the Toledo area were the first in line. Jordan Jacobsen, 21, and Sarah Pietras, 19, rode side by side in one of the 32 pairs of seats that swing around the ride’s tower.

“Exciting. Great view. Amazing view of this park,” Jacobsen said. “Pretty windy up there. Definitely if you’re seeking wind, you’re getting it. Not much of a thrill. Much more of a view. Still exciting.”

“It was amazing,” Pietras said.

It appeared to spectators below that as the riders neared the top, the seats swung farther out.

“The farther up you get, you go sideways more,” Pietras confirmed. “I was a little scared.”

Cedar Point had hoped to launch the ride on opening day, May 14. Bad weather delayed construction, and mechanical bugs that park officials didn’t discuss also slowed the launch.

“Start the season,” Cedar Fair president and CEO Dick Kinzel said after he and Cedar Point general manager John Hildebrandt cut a ribbon to officially open the ride, shortly after park employees rode it to give it a final test.

“Better late than never. We’re ready to go,” said Kinzel, who is retiring at the end of the year and who drew cheers when he spoke at the park’s Coastermania event earlier this month. “It’s been a long grind. We appreciate the patience the public has had with it.”

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Events, News and Updates, News Stories, VIPs

Cedar Point Seeks A Very Important Family

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Cedar Point Press Release

SANDUSKY, Ohio –- The search begins.

Cedar Point’s Opening Day may still be a few weeks away, but the historic amusement park/resort in Sandusky, Ohio, is currently looking for a Very Important Family (V.I.F.) to help it celebrate the opening of the 2011 season on Saturday, May 14.

Now through April 15, Cedar Point’s biggest and most loyal fans can log on to www.facebook.com/cedarpoint to enter the Very Important Family Contest.  Interested guests will have to tell park officials by video why they should be chosen as Cedar Point’s Very Important Family.

The winning family will be invited to help with the ribbon-cutting ceremony that will officially open Cedar Point for the summer on Saturday, May 14.  Also participating in the Opening Day Ceremony will be Dick Kinzel, President and CEO of the Cedar Fair Entertainment Company, Cedar Point’s General Manager John Hildebrandt and everyone’s favorite beagle — Snoopy.

Besides the ribbon-cutting ceremony, the winning family will also receive six complimentary tickets to the park on Opening Day, a commemorative photograph of the ribbon-cutting ceremony, preferred seating on the ride of their choice, a Cedar Point gift bag and a complimentary lunch at a Cedar Point restaurant.

To enter, contestants need to create a video explaining why they should be chosen as Cedar Point’s Very Important Family.  Participants are encouraged to supply a link to their video.  (Videos must be less than 90 seconds in length.)  Official rules and regulations can be found on the V.I.F. Facebook tab.

Deadline for entering the contest is Friday, April 15.
Cedar Point officials will select the top videos and post them on the park’s YouTube page: http://www.youtube.com/user/CedarPointVideos where people will be able to vote for their favorite video.  The winner will be determined by the number of “likes” it receives on YouTube and a panel of Cedar Point judges.

Voting will take place from Thursday, April 28 through Sunday, May 1.  The winner will be announced on Monday, May 2.

Cedar Point will be open from 10 a.m. to 10 p.m. on Saturday, May 14 and will be open daily through Labor Day, Sept. 5, plus Friday nights, Saturdays and Sundays, Sept. 9-11 through Oct. 28-30, 2011.

For more information about the V.I.F. contest, please visit Cedar Point’s Facebook page (www.facebook.com/cedarpoint).

Cedar Fair, News and Updates, News Stories

Cedar Fair Board Splits Chairman and CEO Roles In Response To Unitholders’ Vote at Special Meeting Held January 11,2011

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Cedar Fair Press Release

SANDUSKY, OHIO, January 24, 2011 – Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced the appointment of C. Thomas (“Tom”) Harvie as non-executive, independent chairman of the Board of Directors, effective immediately.

Harvie succeeds Dick Kinzel as the Company’s chairman.  Kinzel voluntarily relinquished his chairman position in response to unitholders’ support of the proposal regarding the separation of the chairman and chief executive roles.  Kinzel will remain as president and chief executive officer of Cedar Fair through the end of his contract on January 3, 2012.  The proposal passed with approximately 54 percent of the vote at the Special Meeting of Unitholders, held on January 11, 2011, to consider two amendments to the partnership agreement as proposed by Q Funding III, L.P. and Q4 Funding, L.P. (“Q Investments”). Given the complexity of voting tabulation caused by the two distinct sets of proxy materials used in such special meetings, the results required a verification and reconciliation process by an independent inspector of elections.

Harvie, who has served as an independent director of Cedar Fair since 2008, chairs the corporate governance committee and the CEO succession planning committee.  Most recently, Harvie served as senior vice president, general counsel and secretary for The Goodyear Tire & Rubber Company.

Harvie’s appointment is in line with the Board’s newly adopted policy, which requires the separation of the chairman and chief executive officer roles and states that the chairman of the Board will be independent of the Company.

Harvie commented, “We believe today’s actions will help ensure a smooth and seamless leadership transition for Cedar Fair as it enters a new era of growth and sustained value creation for its unitholders.  The Board recognizes the valuable leadership that Dick Kinzel has provided the Company during his years of service as Chairman and CEO, and appreciates his continued commitment to the Company.  I look forward to serving in this strategic leadership and governance role as we complete the CEO succession planning transition process and continue to build on the Company’s strong 2010 performance.”  The appointment of the non-executive, independent chairman will be reviewed by the Board on a periodic basis.

As announced on December 6, 2010, the Board has retained Korn/Ferry International, one of the world’s leading executive recruiting firms, to assist in its ongoing CEO succession planning process, which is expected to be completed by the end of the second quarter of this year.

The Company also announced that Proposal #2, which called for the amendment to the partnership agreement to require the payment of cash distributions to unitholders as a higher priority than reducing leverage and strengthening the Company’s balance sheet for the future, failed to receive the requisite number of votes required for approval by unitholders.  Three of the four leading proxy advisory firms recommended that unitholders vote against the proposal.

“The Board recognizes that unitholders have a vested and continuing interest in the payment of a sustainable and growing distribution,” said Kinzel.  “The Company is – and always has been –  deeply committed to the payment of a distribution to our unitholders.   Consistent with that commitment, the Board has agreed to review the distribution strategy during the 2011 first quarter in combination with our 2010 full-year results.  As part of that process, we will consider all options available under our current capital structure with respect to the payment of future distributions.  As evidenced by the past 24 years the payment of a distribution is among the Board’s highest priorities.”

The Company today filed an 8K with the Securities and Exchange Commission which sets forth the detail of the final voting results, as certified by the independent inspector of elections.  The filing can be accessed via the  SEC website at www.sec.gov.

Cedar Fair, News and Updates, News Stories

What’s next for Cedar Fair?

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From the Sandusky Register…

SANDUSKY

Cedar Fair Entertainment Company is nearing a crossroads as critical decisions loom.

The company’s board of directors is searching for someone to replace Dick Kinzel, 70, a long-respected amusement park operator who has served as Cedar Fair CEO since 1986.

Kinzel has been pivotal in building the company into the undisputed roller coaster capital of the world.

The board, meanwhile, is under pressure to hire a new chairman who has no previous ties to the company.

The board is also being asked to increase cash payouts for investors.

Cedar Fair itself, meanwhile, may even be targeted for a merger with the rival Six Flags amusement park chain.

As the decisions are made, local officials will be watching for any effects on Sandusky, home to Cedar Fair’s corporate headquarters and home to its flagship park, Cedar Point.

On Jan. 11 unitholders were called to a special meeting by dissident investor Geoffrey Raynor, where they voted on two proposals from Raynor’s group of companies, Q Investments.

One proposal: Appoint a new chairman of the board — someone with no ties to Cedar Fair.

Kinzel currently serves as president, CEO and board chairman.

The other proposal: Make cash dividend payments to investors a higher priority, rather than focusing on paying off the company’s debt.

Preliminary results show the proposal to obtain a new independent chairman passed overwhelmingly, Kinzel said at the Jan. 11 meeting.

The outcome of the other proposal was too close to call, Kinzel said, and the vote will be announced in “several days.” As of Friday afternoon, the official tally still hadn’t been released.

On Dec. 6 Cedar Fair’s board said it’s looking at CEO candidates from inside and outside the company, and it hopes to announce a hire by the end of June.

But the vote for a new board chairman could complicate the search, since Q Investments is pressing for the new chairman to be hired as soon as possible.

Ultimately, the new chairman ought to be allowed to participate in the hunt for a new CEO, said Scott McCarty, portfolio manager for Q Investments.

“We would like the new chairman to have a significant role in the process,” McCarty said. “It serves all unitholders the best to have a truly independent chairman when selecting a new CEO.”

Cedar Fair’s board said it’s not bound by the unitholder vote, and board members haven’t revealed just how quickly they’ll move to name a new chairman.

Kinzel and other Cedar Fair officials declined repeated requests for interviews last week.

Even if Kinzel leaves his post as chairman, he’ll remain on the board — in June 2010, he was re-elected to a new three-year term.

Jay Barney, a professor at the Fisher College of Business at The Ohio State University, said the unitholder vote on the new chairman suggests Cedar Fair will consider bringing in an outsider to fill the CEO’s spot.

“It would be difficult for an insider to tell a convincing story to the board that they were distinctive enough from the prior leadership that shareholders would be satisfied with that,” said Barney, who specializes in corporate management.

And given the role Raynor has played in recent Cedar Fair decisions, “obviously, whoever they get will have to pass muster with this guy,” Barney said.

Numerous amusement-park industry analysts say Kinzel has earned a reputation as a skilled amusement park operator.

Financial analyst Jeffrey Thomison, a vice president at Hilliard Lyons, has followed Cedar Fair for years.

Thomison, who knows the management at The Walt Disney Co. quite well, said Disney executives admire Kinzel.

“Several times in the past they have commented on Dick being a very skilled park manager and businessman,” Thomison said. “He has the respect of the industry.”

Even Kinzel’s critics at Q Investments praise his skills.

While criticizing Kinzel’s “poor financial decisions,” for instance, McCarty also said Kinzel is a proven amusement park operator.

Q Investments wants the ability to nominate members of the Cedar Fair board, but Cedar Fair’s board members said there is “currently no procedure” for investors to do that.

Q Investments filed a lawsuit over the dispute in Delaware in November. The issue is still in litigation.

Kinzel alleges Raynor’s ultimate goal is to merge Cedar Fair with the Six Flags amusement park chain. Six Flags filed for bankruptcy in June 2009 but left restructuring in May 2010.

Q Investments has sidestepped questions about any proposal to merge Cedar Fair and Six Flags.

“Our focus right now is just trying to get the best corporate governance policies implemented at this company,” McCarty said. “If we fail to accomplish that, then we can talk about the next steps.”

The new CEO will have to decide if Kinzel’s policies should be preserved.

Chief among those policies: Keeping the corporate headquarters in Sandusky and investing heavily in Cedar Point.

Thanks largely to Kinzel, there’s little disputing Cedar Point’s status as the best amusement park for thrill seekers, not only in the U.S. but in the world.

Amusement Today has voted Cedar Point “Best Amusement Park in the World” for 13 consecutive years. And the park’s 75 rides remain top draws among all amusement parks.

The park reached its peak attendance in the 1990s, thanks to economic declines in nearby cities like Cleveland and Detroit.

Attendance at Cedar Fair’s northern parks, including Cedar Point, rose 3.7 percent last year compared to 2009, but attendance also soared by about 18 percent at the company’s southern parks.

Closing down a company’s headquarters and moving it is an expensive proposition, and it’s hardly a casual decision, said Barney, the OSU professor.

Still, hiring a new CEO “puts it on the table, where it wasn’t on the table before,” he said.

McCarty and Thomison both said they believe any new CEO will continue to spend money to keep Cedar Point fresh.

“It’s a very productive asset,” said Thomison, who noticed the park seemed very busy when he visited last year. “I can’t see any reason why a management team would de-emphasize the park.”