Overview
- In a letter reviewed by Reuters, Jana Partners asked Six Flags to evaluate a sale and to immediately install a new chair of the board.
- The firm told directors to engage with "known buyer interest" and alleged an "alarming pattern" of board dysfunction, pointing to a delayed CEO announcement and a swift reversal on financial guidance.
- Jana reiterated support for CEO John Reilly, while the company has not issued a public response to the letter.
- Six Flags shares surged when Jana disclosed a roughly 9% stake last fall but later fell on an earnings miss and performance concerns, closing Monday at $16.39 for a market value of about $1.7 billion.
- The pressure adds to recent moves and scrutiny, including Marilyn Spiegel’s appointment as chair in January, a Sachem Head-backed director joining the board, the planned sale of six U.S. parks to Enchanted Parks, and the naming of Travis Kelce as brand ambassador last week.