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
Morgan Stanley Looks Like a Buy Following Impressive Q3 Execution
In the third quarter, Morgan Stanley provided evidence that it can deliver strong results, even when the macroeconomic landscape seems far from ideal.
Goldman Sachs: Should You Bet on Its Business Transformation?
Goldman Sachs is a higher-risk, higher-reward play that bargain hunters looking for a potentially successful business model transition story might want to consider.
PepsiCo: The Unlikely Growth Story Continues to Roll
Given the combination of solid execution, strong fundamentals and the diversification benefits of the stock, PepsiCo looks like a compelling buy following the company's strong third quarter earnings report.
There Will Be No Economic Collapse From a No-Deal Brexit
The EU can have Brexit and keep zero tariffs, which ought to be obvious.
Citigroup: Tread Carefully Around Bank Stocks Ahead of Earnings Season
Citigroup will probably have the robustness of global consumer activity to help it support financial results in the third quarter. But the current interest rate environment and a soft institutional services business pose significant challenges for the New York City-based mega bank.