(INCLUDES PDF) Cedar Fair’s biggest investor has spoken up again, this time demanding to be consulted as the amusement giant searches for a new CEO.
Texas investment banker Geoffrey Raynor owns about 18 percent of Cedar Fair’s voting units.
Two of his companies, Q Funding III and Q4 Funding, sent a letter to Cedar Fair’s board on Thursday, requesting the current CEO and board chairman, Dick Kinzel, not be allowed to handpick his successor.
A copy of the letter was filed with the U.S. Securities and Exchange Commission.
The letter reiterates Raynor’s position that Cedar Fair should be paying cash distributions of at least $1 a year.
Cedar Fair has called a Jan. 11 special meeting for unitholders to consider two proposals from Raynor: Increase cash distributions to unitholders, and separate the jobs of board chairman and CEO.
Read Q Funding's letter by clicking on the PDF below.