By Sabela Ojea
Six Flags Entertainment is losing four board directors and named replacements as it deals with pressure from activist investor Dendur Capital.
The amusement park operator on Monday said that it will nominate former chief executive of Cracker Barrel Sandy Cochran, former head of Virgin Galactic Michael Colglazier, nonexecutive chairman at Waldencast Felipe Dutram, and founder of Python Global Ventures Steven Hoffmam, to stand for election to three-year terms.
The company said that board members Esi Eggleston Bracey, Michelle McKinney Frymire, Scott Olivet, and Enrique Ramirez Mena, all decided to resign. The board will continue to have 12 seats, 10 of whom are independent.
Malcolm Levine, investment chief at Dendur, said the firm us confident the new board nominees will help Six Flags drive profitable growth and enhance shareholder value. In the December quarter, Six Flags reported a wider loss of $264.2 million.
"We have been long-term shareholders of Six Flags and legacy Cedar Fair because we believe in the strong fundamentals and significant potential of the business," Levine said.
Dendur is the seventh-largest institutional shareholder of Six Flags with a stake of 2.75%, according to FactSet.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 10, 2025 16:59 ET (20:59 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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