Six Flags Entertainment announced a change to its board leadership on Wednesday, naming Richard Haddrill as executive chairman and moving Marilyn Spiegel, who had been installed as chair in January, to the position of lead independent director. Spiegel has served on the Six Flags board since 2023.
The leadership adjustment follows a public call from activist investor Jana Partners last week urging the theme park operator to immediately appoint a new chairman and to consider pursuing a sale. Jana's letter, seen by Reuters, also asked the company to engage with potential buyers and expressed concerns about the board's ability to deliver for shareholders.
Haddrill brings experience from gaming and entertainment companies, having previously been executive vice chairman of the board at Scientific Games and serving as chief executive of Bally Technologies. The company did not provide additional commentary beyond the board announcement.
A representative for Jana said on Wednesday morning that the move in board leadership is "an important step in the right direction." Reuters previously reported that Jana's managing partner Scott Ostfeld wrote to Six Flags raising questions about the board's effectiveness after months of private engagement, even while expressing public support for the company's new chief executive, John Reilly.
Reilly, who was appointed CEO in November, acknowledged in February that 2025 results had fallen short of the company's expectations. He said, however, that work completed over the prior year had strengthened the company's foundation. Reilly pointed to improvements at parks, new attractions, technology upgrades and enhanced food and beverage offerings as elements that will help restore sustainable, profitable growth.
Investor activism at Six Flags is not limited to Jana. In October, the company added an executive from activist hedge fund Sachem Head Capital Management, which holds roughly 5% of the company's shares, to its board.
Shareholders have limited time to decide whether to pursue a proxy contest; investors have only a few more days to nominate director candidates to potentially replace current board members. The market has delivered a mixed message on the company: its stock is up about 10% year-to-date but remains roughly 56% lower over the past 12 months.
The board leadership change arrives as the company continues to implement operational and guest-experience improvements that management says are intended to underpin a return to consistent, profitable growth. The company has highlighted investments in infrastructure, attractions, technology and food and beverage as the foundation of that plan.
Contextual note: The facts above reflect the company's announcement of board changes, Jana Partners' public request for new leadership and engagement with potential buyers, comments from CEO John Reilly regarding recent performance and improvements, the addition of a Sachem Head-affiliated director last autumn, and the current state of the stock as conveyed in company and investor communications.