Monday, January 24, 2011

Cedar Fair Names New Chairman Of The Board

Cedar Fair has announced that in response to the recent special meeting vote they have formally separated the role of CEO and Chairman of the Board, and also appointed a new Chairman.

Thomas Harvie will now serve as the non-executive independent Chairman of the board of directors effectively immediately.

Who is he?  According to the company, "Harvie, who has served as an independent director of Cedar Fair since 2008, chairs the corporate governance committee and the CEO succession planning committee.  Most recently, Harvie served as senior vice president, general counsel and secretary for The Goodyear Tire & Rubber Company." Here is a biography for Mr. Harvie from Goodyear.

Cedar Fair also announced that the second item voted on, which was to use more capital to pay distributions than to pay down debt, did not receive enough votes by unit holders to pass.  The company will review their distribution plans again this year, being sure to consider all options.