Shapiro to recieve a raise

[rjholla2003]

Link

Six Flags CEO to get raise despite company's troubles
The Denver Business Journal - 12:04 PM MDT Tuesday

The top executive of Six Flags Inc. will get a bigger paycheck next year even as the struggling amusement park company attempts to turn a profit.

A filing made Monday with the Securities and Exchange Commission said Mark Shapiro, who took over as president and CEO last December, will be paid $1.3 million next year.

His previous employment agreement set Shapiro's salary at $1 million.

The new agreement pumps up Shapiro's target bonus to $1.3 million from $1 million, and increases his maximum bonus to $2.6 million instead of 200 percent of his base salary, or $2 million.

Six Flags also said Shapiro will see half of his restricted shares vest on the third and fourth anniversaries of the grant date, instead of all of them vesting on the third anniversary.

Shapiro joined New York-based Six Flags (NYSE: SIX) after a lengthy stint at ESPN Inc. His last job at the cable company was as executive vice president of programming and production.

Six Flags hasn't turned a profit since 1998, when the current company was formed to buy the business from the previous owners. The company lost $110 million last year.

Six Flags has seen a drop in attendance, but that's partly because the company has been closing down or selling off its parks. The company said its 29 parks reported attendance of 33.7 million last year. Two years before that, Six Flags operated 39 parks and attracted 42.8 million people.

Six Flags New Orleans was damaged during Hurricane Katrina in August 2005 and hasn't reopened.

The company is attempting to sell more of its holdings, including the 67-acre Six Flags Elitch Gardens near downtown Denver.

Six Flags closed Six Flags AstroWorld in Houston a year ago and sold the 104-acre site for $77 million. The company said it will sell its two Oklahoma City parks this year, and this month will sell its Columbus, Ohio, water park. Six Flags also will be shutting down its water park in Sacramento, Calif.

The company in June said it was looking for buyers for Elitch Gardens as well as for its parks in Buffalo, Seattle, Houston and Los Angeles.

[GADVwow]

Yep.  The 8K for that was posted on the left side of this forum in the news section a couple of days ago.  I read it then and wondered who else reads over there...I almost posted it here myself, but figured most had seen it.  Perhaps not?

In any event, the stock price has gone DOWN consistently since this was announced!

[WadeJ]

/\  It's almost back under 5 bucks again.  I think it has hovered around 5.50 for a few weeks now.  I had a hunch that would happen after reading this the other day.

[rjholla2003]

I've been so busy with Homecoming and whatnot that I haven't been looking at the RSS feed too much.  Now that I have free time, I've been having a hard time breaking my busy habits, lol.

In any event, I don't see why the raise is necessary.  Even if it's a "good job buddy, you did well for a tough year" thing, I personally don't see the need for the raise.

[ChuckR]

I read this a couple of days ago, I don't get it.

[Robert T Ackerman]

^ Chuck, a raise is when you get more money than you did previously. It's usually a good thing, but I think SF could have put that money somewhere else.

[ChuckR]

That's what I was saying Rob!

[Dubya91]

So we lose things around the park and try to fix a huge debt while he gets a raise? Did i miss something.....

[Robert T Ackerman]

That's what I was saying Rob!

I thought you didnt know what a raise was.

[chilled182]

So we lose things around the park and try to fix a huge debt while he gets a raise? Did i miss something.....

nope.. his buddy is in charge.. remember?