Six Flags Names New Board Chairman Following Investor Pressure for Company Sale

Six Flags Entertainment has appointed Richard Haddrill as its new executive chairman after activist investor Jana Partners demanded leadership changes and called for the company to explore a potential sale. The move comes as the theme park operator faces ongoing pressure from shareholders concerned about the board's effectiveness.

Six Flags Entertainment has installed new leadership at the top of its board following mounting pressure from investors who want the amusement park company to consider selling itself.

The company announced Wednesday that Richard Haddrill will take over as executive chairman, replacing Marilyn Spiegel, who had only held the position since January. Spiegel will now serve as lead independent director, a role she’ll fill while continuing as a board member since joining in 2023.

The leadership shuffle comes after activist investment firm Jana Partners sent a letter to Six Flags demanding immediate changes. The hedge fund specifically called for new board leadership and urged the company to begin exploring potential buyers.

Haddrill brings significant gaming and entertainment industry experience to the role, having previously worked as executive vice chairman at Scientific Games and served as CEO of Bally Technologies.

Jana Partners expressed approval of the appointment, with a company spokesperson stating Wednesday morning that “This change in board leadership is an important step in the right direction.”

According to previous reporting, Jana’s managing partner Scott Ostfeld had written to Six Flags expressing doubts about the current board’s capacity to “deliver” value for shareholders and pushed for engagement with potential acquirers.

While Jana has voiced support for CEO John Reilly, who joined the company in November, the investment firm had grown frustrated with board effectiveness after months of behind-the-scenes discussions. Investors face an approaching deadline to potentially launch a proxy battle by putting forward their own director candidates.

Six Flags shares have gained 10% so far this year, though they remain down 56% over the past year. In February, Reilly acknowledged that 2025 performance fell short of company goals but emphasized that “the work completed over the past year has strengthened the foundation of our enterprise.”

The CEO highlighted improvements to park facilities, new ride additions, technology upgrades, and enhanced dining options. He expressed confidence these efforts would “restore profitable growth that is sustainable over time.”

Jana isn’t the first activist investor to target Six Flags for changes. Last October, around the time Jana’s stake became public, the company added an executive from activist hedge fund Sachem Head Capital Management to its board. Sachem Head holds approximately 5% of Six Flags shares.