Cedar Fair Retains Korn/Ferry International To Assist With Ongoing Succession Planning Process
Cedar Fair Press Release
SANDUSKY, OHIO, December 6, 2010 – The Board of Directors of Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it has retained Korn/Ferry International, one of the world’s leading executive recruiting firms, to assist the Company with the final phase of its previously announced and ongoing succession planning process.
Among other things, Korn/Ferry will work with the special committee of independent directors of the Cedar Fair Board, which includes C. Thomas Harvie, David L. Paradeau and John M. Scott III, to identify and evaluate qualified candidates to succeed current Chief Executive Officer Dick Kinzel, whose employment agreement expires on January 2, 2012. This confidential process will include both internal and external candidates and is expected to be completed by the end of the second quarter of 2011.
“Today’s action is an important step toward the completion of our thorough process for a seamless leadership transition,” said Tom Harvie, Cedar Fair’s lead director of the special committee. “We look forward to working with Korn/Ferry to identify and evaluate candidates who can help lead the Company in its plan to deliver long-term growth and value creation.”
Harvie said that, out of fairness to all involved and to maintain the confidentiality of the process, the Company would not comment further on the process or any candidates under consideration until a successor is named.