Six Flags Taps PepsiCo Executive as its Next CEO
Credit: Dallas Morning News
Six Flags Entertainment Corp., one of the world’s largest theme park and water park operators, is tapping a PepsiCo executive to be its next chief executive officer.
The Grand Prairie-based company announced the hiring of Michael Spanos after trading markets closed Thursday.
Spanos takes over Nov. 18 from Jim Reid-Anderson, who resigned as the company’s chairman, president and CEO. The board of directors had appointed a special committee to conduct the search as part of the company’s succession planning.
Spanos, 55, most recently served as CEO of PepsiCo, Asia, Middle East and North Africa, a division that generated $6 billion in annual revenue for the soft drink giant. Its 20,000 employees operated in 43 countries.
“Mike is a proven value creator and results-oriented leader, with a strong track-record in operationally intensive businesses both in North America and internationally,” said Jon Luther, Six Flags’ lead director.
Reid-Anderson said in a statement that as an investor in Six Flags, he has "confidence in Mike’s ability to further supercharge our growth initiatives, continue to drive innovation, and deliver significant short, medium and long-term value for our stakeholders.” Reid-Anderson, 60, served two stints as Six Flags top executive — from 2010 to 2016 when he became executive chairman, and then returning to the role in 2017 when his successor abruptly retired.
Spanos, who plans to relocate to North Texas, started with PepsiCo in 1993 as a territory manager in North America. He’s a U.S. Naval Academy graduate and received a master’s degree in organizational behavior from the University of Pennsylvania.
He’ll be paid a base salary of $1.15 million, an annual bonus of up to $1.7 million and stock options valued at $2 million, according to a regulatory filing.
Earlier this week, Six Flags reported record year-to-date attendance and revenue. Its quarterly revenue rose $1 million from the same period last year to $621 million. Attendance at its 26 parks in the U.S., Mexico and Canada grew by 3% to 14 million.
Its quarterly profit, however, dropped by $5 million. The company attributed the decline to a state tax law change that provided an accounting benefit in the prior year three-month period.
Through the first nine months of 2019, revenue is up 3% to $1.2 billion. Six Flags reported 2018 revenue of $1.5 billion.
Earlier this month, Arlington City Council approved an economic incentive package to assist Six Flags in moving its headquarters to Globe Life Park. The city is offering to reimburse the company for $6 million in improvements to space now leased by the Texas Rangers baseball team. It would give the city a long-term tenant for the older ballpark after the team moves into a new stadium nearby.