Kinzel still boss, Cedar Fair remains in Sandusky

He’s still the boss, and Sandusky will remain the headquarters for Cedar Fair’s amusement and water parks, Cedar Fair CEO Dick Kinzel said.

Friday, December 18, 2009 2:08 AM

While Cedar Fair’s ownership is about to change, many factors will stay the same. Kinzel said he is contracted to stay on as CEO and will have an option to extend his contract if he and the new owners of the company reach an agreement for an extension.

Read more from the Sandusky Register

Friday, December 18, 2009 7:30 AM
djDaemon's avatar

Its bad enough that he'd complete his current contract, but extend it? I'm not a shareholder, but wouldn't him staying make this sale less appealing than it already is?


Friday, December 18, 2009 8:17 AM

Apollo will need to agree to the terms of the extension. So how would the fact that there is a possible extension make the sale any less appealing? And unifholders will get the same price if Kinzel stays or goes so that shouldn't matter on the selling side.

Friday, December 18, 2009 8:27 AM

I don't care who owns the company. There will not be positive change within Cedar Fair until there is a new person at the helm. Dick did many, many positive things to grow the company but at this point I don't think there is any doubt that his presence is a liability.

"You can dream, create, design and build the most wonderful place in the world...but it requires people to make the dreams a reality."

-Walt Disney

Friday, December 18, 2009 8:39 AM

At this point, there has been no extension. All we have are Kinzel's statements. Apollo will have the final decision. And if they do agree to the extension, I would propose that there is at least a very good possibility that the multi billion dollar private equity firm might know a little more about the merits of that extension than the armchair QBs here. And any extension might be prove to be disastrous. But as the owner, Apollo gets to make that decision and live with the consequences in terms of its investment.

Friday, December 18, 2009 9:04 AM
djDaemon's avatar

Actually, both parties get to make the decision regarding the extension, at least according to the article.


Friday, December 18, 2009 10:31 AM

That is true. My statement about Apollo having the final say presupposed that Kinzel was interested in extending. If he isn't, the extension is moot and I would think that a lot of folks in here would be doing little victory dances.

Friday, December 18, 2009 11:35 AM

^You know why this doesn't effect the deal in any way?Because it was ALREADY NEGOTIATED when they were first making the deal. Staying on and extending his contract wasn't something Kinzel just thought up today. It was a key part of the deal they worked out with Apollo for the past two months.


Maverick Rides: 4

Friday, December 18, 2009 12:36 PM

“Apollo approached us,” Kinzel said. “We did not approach them.”

Translation: the company wasn't in trouble.

So long, Ball Buster!

Friday, December 18, 2009 3:28 PM
Pete's avatar

Read this release on Apollo buying Claire's

The sentence " We look forward to partnering with Claire's management team and employees, who have done an outstanding job creating a market leader, to build on the many strengths of the Company." sounds really familiar if you read the Cedar Fair press release, doesn't it?

They fired the CEO of Claire the day the aquisition was finalized. Food for thought on Kinzel's future regardless of what he says.

I'd rather be in my boat with a drink on the rocks,
than in the drink with a boat on the rocks.

Friday, December 18, 2009 6:34 PM
coolkid2345's avatar

I really don't mind if Kinzel stays.

Pepsi Refresh is saving one coaster at a time:

Friday, December 18, 2009 6:51 PM

I think making that statetment may be cause for removal from the forum. ;)

Saturday, December 19, 2009 4:16 AM
Your mom is to fat to ride TTD.'s avatar

Or just an ass chewing... ;)

Let's Get Weird.

Saturday, December 19, 2009 2:24 PM

Whether DK stays or goes is a moot point. The new board of directors--i.e. Kinzel's boss--will be all Apollo people.

DK can micromanage all he likes, the board will be doing Apollo's bidding and not waiting for DK to sign off on anything. Apollo will be setting CF policy, DK (if he stays) will merely be carrying it out.

This Isn't A Hospital--It's An Insane Asylum!


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