Updated from 7:32 a.m. ESTThe Kieran Burke era has ended at amusement-park operator Six Flags ( PKS). Burke, the CEO targeted in a proxy fight by major holder Dan Snyder, was replaced by Snyder loyalist and former ESPN executive Mark Shapiro, the company confirmed Wednesday. The ouster, which was first reported by the Wall Street Journal, followed Burke's unsuccessful efforts to find a buyer for the company. "Six Flags announced today that the deadline for submission of final bids in its sale process has passed without any formal bids being received. The board of directors has unanimously ended the sale process," the company said. Three new directors have been appointed to the Six Flags board, all of them Snyder designees, the report said. They are film producer Harvey Weinstein, former congressman Jack Kemp and advertising executive Michael Kassan. The board representation followed a successful proxy solicitation by Snyder's Red Zone investment group. "This appointment follows the mutual decision of the board of directors and Kieran Burke to terminate the employment of Mr. Burke as chief executive officer, president and chief operating officer," Six Flags said. Snyder's group reported a roughly 11% stake in the company in its most recent filing with the Securities and Exchange Commission. Six Flags' shares have enjoyed a resurgence since Snyder and other disgruntled investors announced their proxy battle last summer. The stock was trading around $4 as recently as mid-July and closed Tuesday at $7.15. "With the sale process over, Mark Shapiro will focus on implementing new operational strategies that will help to maximize stockholder value in the long term," Six Flags said. "We recognize the company's significant debt load and the effect that such debt has on any transaction involving the company. We are committed to bringing the debt load to a more appropriate level." Get Jim Cramer's picks for 2006.
More from Opinion
As Apple and Google Compete in Augmented Reality, Each Has Distinct Strengths
Google, which just launched a new AR mode for Google Maps, should have a powerful set of cloud services available for AR headsets. But Apple might be able to offer unmatched hardware, as well as tight iPhone integration.
Twitter Is Changing Which Stats It Shares -- and It's Easy to See Why
In its latest earnings report, Twitter announced that it would stop sharing its monthly user count, which has been declining, in favor of a daily user metric that's seeing moderate growth.
4 Things We Learned From Apple, Google and Other Tech Giants' Earnings Reports
Among other things, this earnings season showed that cloud revenue and capex growth remain pretty high, and that demand trends outside of China mostly remain healthy.
Google Reports Earnings on Monday: 5 Important Things to Watch
Search and YouTube revenue growth, non-ad sales and spending are among items to track as Google parent company Alphabet reveals earnings for fourth quarter.