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Shapiro Out - Ex Paramount Parks CEO In at Six Flags

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  • Shapiro Out - Ex Paramount Parks CEO In at Six Flags

    UPDATE 1-Six Flags abruptly names interim CEO; Shapiro out | Reuters

    Mark Shapiro who has been CEO of Six Flags Inc. since 2006 has been replaced with former Paramount Parks CEO Alexander Weber.

    Weber enters as Interim President and CEO.

    NEW YORK, May 12 (Reuters) - Theme park operator Six Flags abruptly replaced its chief executive on Wednesday, a little more than a week after the theme park operator exited bankruptcy protection.

    The New York-based company, which operates amusement parks in North America, named Alexander Weber as interim president and CEO. The company said former CEO Mark Shapiro is no longer with the Six Flags, but did not offer a reason.

    Weber is the former CEO of Paramount Parks, a theme park company that was bought by Cedar Fair (FUN.N) in 2006. Most recently, Weber was a management affiliate with MidOcean Partners, a private equity firm that has had an interest in theme parks in the past.

    He replaces Shapiro, a former ESPN executive who took the top job at Six Flags in 2006. Under Shapiro, Six Flags shifted its strategy toward attracting more families to its amusement parks.

    Shapiro's exit comes after Six Flags emerged from bankruptcy on May 3, just before the start of the lucrative summer season. The company has wiped out more than a billion dollars in debt after filing for Chapter 11 last June.

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