Top pay for top dogs|Cedar Point's parent releases compensation packages for corporate leaders

SANDUSKY Cedar Fair's president and chief executive officer's salary has surpassed $1 million since the company acquired
Sandusky Register Staff
May 24, 2010

 

SANDUSKY

Cedar Fair's president and chief executive officer's salary has surpassed $1 million since the company acquired Paramount Parks last year.

Dick Kinzel earned $1.1 million, in addition to a $1.2 million bonus last year, according to the company's recently filed proxy report. In 2005, Kinzel earned $930,000 in addition to a $465,000 bonus.

Kinzel also received equity awards totaling $1.4 million.

The board of directors determines the executives' salaries, as well as their bonuses, said director of investor relations Stacy Frole. Kinzel also provides input in determining the executive officers' compensation packages.

Kinzel also received $44,451 toward his 401K.

The company's compensation program objectives, according to the report, include providing compensation that motivates and encourages hard work; retaining employees with track records of strong performance; competing on a national level for qualified individuals that can institute a system of managing properties; and structuring competitive compensation packages to recruit individuals.

Since the acquisition, the executives' have taken on additional responsibilities, Frole said. The salary increases reflect the acquisition, which has doubled the size of the company, she added. Cedar Fair now operates 18 properties compared to its previous 12 properties. Cedar Point in Sandusky remains the company's flagship park.

Cedar Fair is required to report its top five compensated employees. Others include:

* Jacob Falfas, chief operating officer, earned $521,731, in addition to a $420,000 bonus. In 2005, Falfas received $398,822 for his salary and a $205,000 bonus.

Falfas also received additional equity awards totaling $391,793 and $29,871 in company contributions to his 401K.

* Peter Crage, corporate vice president of finance and chief financial officer, earned $339,424, in addition to a $260,000 bonus. In 2005, Crage was paid $213,307 with a $125,000 bonus.

He also received additional equity awards totaling $284,342.

* Philip Bender, regional vice president, earned $238,394 with a $150,000 bonus.

His position was created after the company acquired Paramount last summer. Bender was originally vice president and general manager of Worlds of Fun amusement park located in Kansas City, Mo. Bender also received additional equity awards that equaled $24,479.

* John Hildebrandt, vice president and general manager of Cedar Point, was paid $262, 954, in addition to an $86,000 bonus. In 2005, Hildebrandt earned $242,384 with a $132,926 bonus.

He also received additional equity awards totaling $3,848.

Dick Kinzel, CEO and president

salary: $1.1 million

bonus: $1.2 million

Jacob Falfas, COO

salary: $521,731

bonus: $420,000

Peter Crage, corporate vice president of finance and CFO

salary: $339,424

bonus: $260,000

Philip Bender, regional vice president

salary: $238,394

bonus: $150,000

John Hildebrandt, vice president and general manager of Cedar Point

salary: $262,954

bonus: $86,000