NEW YORK (CelebrityAccess MediaWire) — Mark Shapiro has abruptly resigned from his post as CEO at the Six Flags amusement park chain, a mere two weeks after the company emerged from Chapter 11 bankruptcy protection.
Six Flags had filed for Chapter 11 last June, dispensing with more than $2.4 billion in debt but delivering itself into the hands of junior bondholders who wrested control of he theme park chain from Redskins owner Dan Snyder.
Alexander "Al" Weber, Jr., former President and CEO of Paramount Parks, has been named as President and Interim Chief Executive Officer, effective immediately while the company conducts a search for a permanent CEO.
A former ESPN exec, Shapiro joined Six Flags under Snyder in 2006 and was instrumental in retooling the company to offer a more family-friendly experience at its chain of 19 theme parks around the U.S. Six Flags did not announce the reason for Shapiro's departure but industry experts believe he was unlikely to have without some conflict with the company's new owners.
"Mark had a very strong vision for that company and taking it forward," theme park consultant Dennis Speigel told Reuters. "I have to believe that he wouldn't leave unless he came to a disagreement with the board."
The company's most recent quarterly profit statement was not a rosy one and they reported a first-quarter loss of $183.5 million. – CelebrityAccess Staff Writers