New Cedar Fair CEO paid $1 million salary
Dec 26, 2012 at 5:20 AM
Several top executives received their new contracts with the company, according to filings with the U.S. Securities and Exchange Commission. The execs include CEO Matt Ouimet; chief financial officer Brian Witherow; and chief operating officer Richard Zimmerman.
In negotiating a contract with Ouimet, Cedar Fair made one important change: The sky is the limit for his final annual salary. His bonus pay, known as incentive, is based on performance.
Last year it was capped at 100 percent of his salary, but the new contract removes any cap, dictating his bonus pay is determined by Cedar Fair’s board of directors. It will be paid no later than March 15.
With approval from Cedar Fair’s unit holders, Ouimet now has a base salary of $850,000, which can be reviewed from time to time but cannot decrease. This is a $100,000 increase from his 2012 salary, and he also receives a yearly supplemental compensation of $50,000.
Bottom line: Ouimet has a guaranteed salary of $1 million, before bonus salary or stock incentives, which are also determined by the board.
Read more about what the park's top executives make in today's Register or epaper.