Wednesday, January 12, 2011

The Big Cedar Fair Vote

Yesterday was Cedar Fair's day for unit holders to vote on the two proposals that Q Investments made, and while one decision wasn't clear, the other was crystal.  In a release from the company it was announced that unit holders voted in favor or separating the roles of CEO and Chairman of the Board, currently both are held by Dick Kinzel.

The second proposal, to focus on increasing the distribution rate over paying down debt, was too close to call, Cedar Fair said.

Now this doesn't mean that as of today Dick was no longer holding both roles, instead the company said they would "implement a policy in regard to the separation of the chairman and CEO roles in a prudent and appropriate manner."  I wonder if to them that will be when Kinzel retires a year from now.  The proposal specified that the Chairman be an independent director who is not and has not been a Cedar Fair officer - so that begs the question of who could fill that role.