Six Flags appoints Sachem Head partner to board amid leadership changes

CHARLOTTE - Six Flags Entertainment Corporation (NYSE:FUN) appointed Jonathan Brudnick, a partner at Sachem Head Capital, to its Board of Directors, effective immediately, according to a company press release. The appointment comes at a challenging time for the company, with the stock trading near its 52-week low of $20.00, having declined over 36% in the past six months.

Brudnick will serve as a Class III Director with a term ending in 2027 and join the Board’s Nominating and Corporate Governance Committee. The appointment comes as Six Flags prepares for the previously announced departures of Executive Chairman Selim Bassoul and Lead Independent Director Daniel J. Hanrahan, who will step down effective December 31, 2025. According to InvestingPro analysis, Six Flags currently operates with a significant debt burden, with a debt-to-equity ratio of 3.11, presenting key challenges for the incoming leadership.

With Brudnick’s addition, the Six Flags Board temporarily expands from 12 to 13 directors, with 11 being independent. Following Bassoul and Hanrahan’s departures, the Board will decrease to 11 members, with 10 being independent.

"Jonathan’s appointment advances the Board’s ongoing refreshment process," said Bassoul in the statement.

Brudnick, who has served at Sachem Head since 2017, stated, "We invested in Six Flags because we strongly believe in the potential of the business and that numerous pathways exist to addressing the Company’s current undervaluation."

In connection with the appointment, Six Flags entered into a cooperation agreement with Sachem Head, which includes customary standstill, voting, and confidentiality commitments.

Six Flags Entertainment Corporation operates 27 amusement parks, 15 water parks, and nine resort properties across 17 states in the U.S., Canada, and Mexico, making it North America’s largest regional amusement-resort operator. The company generated revenues of $3.17 billion in the last twelve months, though it faces operational challenges with a current ratio of 0.52, indicating potential liquidity constraints. For deeper insights into Six Flags’ financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.

The information in this article is based on a press release statement from Six Flags Entertainment Corporation.

In other recent news, Six Flags Entertainment reported a 3% increase in attendance for August compared to the same period last year. The company entertained 17.8 million guests during a nine-week period, marking a 2% rise from the previous year. UBS has reiterated its Buy rating on Six Flags, maintaining a $34.00 price target, citing these improving attendance trends. Additionally, Texas Capital Securities initiated coverage on Six Flags with a Buy rating and a $28.00 price target, noting the company’s strengthened position following a merger with a major regional theme park operator.

Furthermore, activist investor Land & Buildings has proposed a plan to monetize Six Flags’ real estate by spinning it off into a REIT structure, which could potentially unlock significant value. UBS also reiterated its Buy rating following this proposal, suggesting potential upside in Six Flags’ operations. The investment firm Land & Buildings, a substantial shareholder, believes this strategy could deliver up to 78% upside based on 2026 consensus estimates. These developments highlight the strategic moves and analyst support surrounding Six Flags.

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