June 1, 2026
Six Flags Entertainment Corporation named Ash Walia Chief Financial Officer and elected three directors to three-year terms expiring in 2029. The moves, seen as a response to Jana’s previous letter, tilt the board towards turnarounds.
Walia joins as CFO effective June 17, on a three-year employment agreement with a $690,000 base salary, a target annual bonus at 100% of salary, an initial RSU grant valued at $1.25 million, and an annual equity target of about $1.87 million. Shareholders elected Richard Haddrill (Executive Chairman), Chieh Huang, and Marilyn Spiegel to three-year terms at the May 26 annual meeting.
The New Team
Ash Walia, CFO. Walia, 62, comes to Six Flags from Hot Topic, where he was CFO from 2021 and where the company is owned by private-equity firm Sycamore Partners. Before that, he was CFO at 99 Cents Only Stores (appointed 2018), another private-equity-owned retailer that later filed for liquidation in 2024, though Walia had left well before the collapse. His earlier career was at Starbucks (2011 to 2018, culminating in roles as SVP of Corporate Finance and SVP of Global Integrated Logistics) and at Kellogg’s (seven years in supply chain finance, up to VP).
Richard “Dick” Haddrill, Executive Chairman. Haddrill, 72, ran Bally Technologies as CEO twice, from 2004 to 2012 and again from 2014 through its $5.1 billion sale to Scientific Games (now Light & Wonder), then stayed on as Executive Vice Chairman and then Vice Chairman until 2020. Earlier, he was CEO of Manhattan Associates (supply-chain software) and Powerhouse Technologies, and a managing partner at Ernst & Young. He is an accountant and a serial CEO of gaming-technology and supply-chain businesses.
Chieh Huang, returning director. Huang co-founded and ran Boxed, the bulk-goods online retailer, which went public via a SPAC in 2021 and filed for Chapter 11 in April 2023 after Silicon Valley Bank’s collapse depleted its cash. The retail operation wound down, and the software arm was sold off. Before Boxed, he ran a mobile-gaming studio, Astro Ape, that Zynga acquired in 2011. He holds a J.D. from Fordham and an undergraduate degree in economics from Johns Hopkins.
Marilyn Spiegel, Lead Independent Director. Spiegel served twice as President of Wynn Las Vegas and ran multiple Harrah’s and Caesars resorts (Paris, Bally’s, Planet Hollywood, Rio), and was one of the first women to run a major Las Vegas casino-resort. She has over thirty years of experience in hospitality operations. She became non-executive Chair on January 1, 2026, and was demoted to Lead Independent Director on March 25, when Haddrill was installed as Executive Chairman under Jana pressure.
How We Got Here
It’s been a turbulent few years for Six Flags, and for those watching at home, here’s a timeline:
- July 1, 2024 — Cedar Fair / Six Flags merger closes. Richard Zimmerman (Cedar Fair CEO) becomes CEO of the combined company. Selim Bassoul (Six Flags CEO) becomes Executive Chairman. Brian Witherow (Cedar Fair CFO) becomes CFO of the combined company. Gary Mick becomes Chief Integration Officer. Ticker becomes FUN. HQ Charlotte, NC, with finance/admin retained in Sandusky, OH. [sec] [sec]
- Aug 6, 2025 — Six Flags announces Zimmerman will step down as President/CEO by year-end.
- Oct 17, 2025 — Jonathan Brudnick (Partner, Sachem Head Capital) appointed to board via cooperation agreement. Bassoul and lead independent director Daniel Hanrahan to depart Dec 31, 2025. [sec]
- Oct 21, 2025 — Jana Partners discloses a 9% stake (with Travis Kelce, Glenn Murphy, Dave Habiger).
- Nov 24 / Dec 8, 2025 — John Reilly appointed President & CEO, effective Dec 8, 2025. Joins board as Class III director. Zimmerman was “terminated without cause” and left the board the same day.
- Jan 1, 2026 — Marilyn Spiegel becomes non-executive Chair (succeeding Bassoul). [source]
- Mar 5, 2026 — Agreement to sell 7 parks to EPR Properties for $331M. [source]
- Mar 13, 2026 — Director Jennifer Mason announces she won’t stand for re-election.
- Mar 17, 2026 — Jana Partners’ public letter demanding a sale and a new board chair. Per Reuters (Mar. 17, 2026), Managing Partner Scott Ostfeld wrote: “It is now in the best interest of shareholders for the company to reverse course and engage with known buyer interest in Six Flags.”
- Mar 24-25, 2026 — Richard Haddrill appointed Executive Chairman. Spiegel moves to Lead Independent Director.
- May 7-8, 2026 — CFO Brian Witherow steps down (eff. May 8). CLO Brian Nurse departs. CMO/CCO changes announced (Amy Martin Ziegenfuss as CMO from Carnival Cruise Line, Christopher Bennett as CLO, CCO Christian Dieckmann departed May 2). Dave Hoffman (Chief Accounting Officer, ex-Cedar Fair) becomes interim CFO. [sec] [sec]
- May 19, 2026 — Cooperation agreement with H Partners. Founder Rehan Jaffer to join board after the annual meeting, replacing Arik Ruchim (H Partners director since 2020).
- May 26, 2026 — Annual meeting. Haddrill, Huang, Spiegel elected.
- May 27, 2026 — Walia named CFO (effective June 17).
Reilly himself remains the operating face of the turnaround. He restored park presidents at ten properties, reinvested in Holiday in the Park at Great Adventure and Over Georgia, and delivered Q1 attendance up 4% and revenue up 12% against the prior year. While I am not a financial expert, it seems the board configuration around Reilly is now built for turnarounds and exits.
