SANDUSKY, Ohio, Oct. 4, 2017 /PRNewswire/ -- Cedar Fair
Entertainment Company (NYSE: FUN), a leader in regional amusement
parks, water parks and active entertainment, today announced that
Richard Zimmerman, its president and
chief operating officer, will succeed Matt
Ouimet as chief executive officer effective January 1, 2018. On the same date, Ouimet
will take the newly created role of executive chairman of the board
of directors and Debra
Smithart-Oglesby will become lead independent director. As
part of this process, Zimmerman will also be added to the board of
directors during the 2018 annual meeting period. These
changes are designed to ensure continuity in leadership as the
Company pursues its ongoing strategy of investing in broadening
entertainment offerings and new attractions to create greater
excitement for guests, and positioning itself to produce strong
results for many years to come.
"I have very much appreciated the opportunity to serve as the
CEO of Cedar Fair and I am proud of what our team has
accomplished," said Ouimet. "The market value of Cedar Fair
has increased by more than $2.6B
during my time at the company. This performance provides us
with a solid foundation to build upon and a positive outlook for
the future. Richard is a perfect choice to succeed me as CEO
and I look forward to continuing to partner with him as the
executive chairman going forward."
Zimmerman, age 57, has more than 30 years of experience in the
hospitality and leisure entertainment industry. He became
president of Cedar Fair in 2016, having been named COO in 2011
after serving as an executive vice president since
2007. He also served as vice president and general
manager of the Kings Dominion amusement park beginning in
1998. Prior to entering the amusement park industry,
Zimmerman served in various financial and strategic planning roles
with Paramount Communications, Inc.
"Richard has the skills and experience required to lead the
company forward," Ouimet stated. "He has been a great thought
partner to me and has made major contributions to our strong
performance, including being a key driver behind such successful
initiatives as Fast Lane, season passes and our all-season dining
and beverage programs."
"Having the opportunity to lead Cedar Fair is a distinct yet
humbling honor," said Zimmerman. "We are fortunate to have an
exceptional organization with a deep and talented leadership
team. We are also fortunate to be a leader in an industry
that continues to have the potential to grow and expand.
I look forward to the opportunity to continue broadening our
offerings to better serve our guests, as well as providing
long-term value for our investors."
In conjunction with Ouimet's move to executive chairman of the
board of directors, the Company also noted effective January 1, 2018, Eric
Affeldt will transition from his role as chairman of the
board but will continue to serve as a director. Since joining the
board in 2010 and assuming the chairman role in 2012, Affeldt has
overseen improvements in Cedar Fair's corporate strategy and
governance standards, increased board diversity, improved alignment
of executive compensation with unitholder interests, and supported
enhanced investor relations. He also led the development of
the senior leadership succession plan the Company is announcing
today.
"We are fortunate to have someone with Debra's skills and board
experience to take on the role of lead independent director," said
Affeldt. "Debra has been a valuable voice in all of our
deliberations and will be an even greater asset in her new role as
lead independent director."
About Cedar Fair
Cedar Fair Entertainment Company (NYSE: "FUN"), one of the
largest regional amusement-resort operators in the world, is a
publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to
become "THE place to be for FUN," the Company owns and operates 11
amusement parks including its flagship park, Cedar Point, along with two outdoor water
parks, one indoor water park and five hotels. It also operates an
additional theme park under a management contract. Its parks are
located in Ohio, California, North
Carolina, South Carolina,
Virginia, Pennsylvania, Minnesota, Missouri, Michigan and Toronto, Ontario.
Forward-Looking Statements
Some of the statements contained in this news release constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995, including statements as to the Company's
expectations, beliefs and strategies regarding the future.
These statements may involve risks and uncertainties that could
cause actual results to differ materially from those described in
such statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to have been correct. Important factors, including
general economic conditions, adverse weather conditions,
competition for consumer leisure time and spending, unanticipated
construction delays, changes in the Company's capital investment
plans and projects and other factors discussed from time to time by
the Company in reports filed with the Securities and Exchange
Commission (the "SEC") could affect attendance at the Company's
parks and cause actual results to differ materially from the
Company's expectations. Additional information on risk factors that
may affect the business and financial results of the Company can be
found in the Company's Annual Report on Form 10-K and in the
filings of the Company made from time to time with the SEC. The
Company undertakes no obligation to correct or update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
This news release and prior releases are available online
at www.cedarfair.com.
Contact: Stacy Frole, (419)
627-2227
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SOURCE Cedar Fair