Six Flags Entertainment adds Sachem Head Partner to Board

By Greg Peters • Saturday, October 18 15:35 • Permanent Link

Six Flags Entertainment Corporation (NYSE: FUN) has made significant changes to its board of directors and entered into a cooperation agreement with Sachem Head. The company appointed Jonathan Brudnick, a partner at Sachem Head Capital, to its board of directors. Brudnick will serve as a class III director for the term ending in 2027 and as a member of the board’s nominating and corporate governance committee. With the addition of Brudnick, the Six Flags board will expand from 12 to 13 directors, 11 of whom are independent.

In connection with Brudnick’s appointment, Six Flags has entered into a cooperation agreement with Sachem Head, which includes a customary standstill, voting, and confidentiality commitments, among other provisions. Details of the cooperation agreement will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.

Following the departures of Selim Bassoul, executive chairman, and Daniel J. Hanrahan, lead independent director, the board size will decrease to 11, with 10 of whom being independent directors.

Jonathan Brudnick, a partner at Sachem Head, brings important perspectives to the board as the company enters its next chapter of growth and value creation. Brudnick expressed that they strongly believe in the potential of the business and that numerous pathways exist to addressing the company’s current undervaluation.

Six Flags Entertainment Corporation is North America’s largest regional amusement-resort operator with 27 amusement parks, 15 water parks, and nine resort properties across 17 states in the U.S., Canada, and Mexico. The company is focused on providing fun, immersive, and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts, and a portfolio of beloved intellectual property such as Looney Tunes, DC Comics, and Peanuts. Following these announcements, the company's shares moved 3.2%, and are now trading at a price of $21.26. If you want to know more, read the company's complete 8-K report here.

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