- Push-out Score determined
- After about two years in the position
- Praise and thanks for Spanos
- Selim Bassoul taking over
(exechange) — Arlington, Texas, November 15, 2021 — Mike Spanos, chief executive of Six Flags, leaves. As announced by Six Flags Entertainment Corp. in a news release and in a regulatory filing published on Monday, November 15, 2021, Michael (Mike) Spanos has left his post as chief executive officer at the amusement park operator, after about two years in the role, effective November 14, 2021.
Mike Spanos’s duties as CEO will be taken over by Selim A. Bassoul, most recently Non-Executive Chairman of the Board at Six Flags Entertainment Corp.
No reason given
In the announcement, Six Flags did not explicitly explain the reason for the move.
Precise information regarding Mike Spanos’s future plans was not immediately available.
Six Flags said: “Effective immediately, Mr. Bassoul will replace Michael Spanos, who has stepped down after two years of service, as CEO, President and a member of the Board.”
Six Flags further said: “On November 13, 2021, Six Flags Entertainment Corporation (the “Company”) and Michael Spanos entered into an agreement and general release (the “Spanos Agreement”), pursuant to which Mr. Spanos stepped down as President and Chief Executive Officer of the Company, effective November 14, 2021, and resigned as a member of the Board of Directors of the Company (the “Board”), effective November 13, 2021.”
Share price decline since November 2019
The announcement follows a decline in Six Flags Entertainment Corp.’s share price of 2% since November 2019. November 2019 is the month in which Spanos’s tenure as CEO began.
In the position of CEO since 2019
Mike Spanos became CEO of the Company in 2019.
Spanos became President and Chief Executive Officer of the Company in November 2019.
Prior to joining the Company, Spanos served as the Chief Executive Officer, Asia, Middle East and North Africa, of PepsiCo, Inc., a leading global food and beverage company, from January 2018 to November 2019.
Spanos previously served as interim head of PepsiCo, Inc.’s Asia, Middle East and North Africa division from October 2017 to January 2018 and as President and Chief Executive Officer, PepsiCo Greater China Region, from September 2014 to January 2018.
Prior to that, Spanos served as Senior Vice President and Chief Customer Officer, PepsiCo North America Beverages from October 2011 to September 2014.
Spanos previously held management roles of increasing responsibility at PepsiCo, Inc. since 1993 in North America, Europe, Asia, and the Middle East.
Before joining PepsiCo, Inc., Spanos served in the United States Marine Corps from 1987 to 1993.
Spanos holds a B.S. degree from the U.S. Naval Academy and a Master’s degree in Organizational Behavior from the University of Pennsylvania.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Mike Spanos’s move on a scale of 0 to 10.
exechange reached out to Six Flags and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2021 ($).