New Cedar Fair CEO paid $1 million salary

Cedar Fair gave some of its top executives a nice Christmas gift, all in the form of contracts.
Melissa Topey
Dec 26, 2012

 

 

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.
 

Comments

phroggy

I'm not sure I follow here and maybe I missed something. If his base salary is $850,000 and he gets an annual supplemental compensation of $50,000, doesn't that add up to $900,000 and not $1,000,000?

Good 2 B Me

I did the same math as you. Wonder where the other $100,000 is

NurseRatchet

Stock incentives.

Really are you ...

So he does not surpass the one million dollar purposed tax increase. It would probably have been a different story if it was the tax increase for persons making a quarter of a million or more. So for now just under a million is just below the radar.

snatchblock_445

...while Cedar Point employess get min. wage and work 40-80 hrs. a week and get paid next to nothing!!, no wonder Cedar Fair board memembers approved this salary, why can't they get 5,000 at the end of the season for putting up with that place??

snatchblock_445

and another thing...they don't get overtime because it's season, all of the hours they work are straight pay....SAD!!

deertracker

I would not allow my kids to work there because of the wages and treatment of it's employees.

Kelly

I worked there & was treated great. The money was really good, too.

KURTje

Hey.....its only buSINess.

Contango

Cedar Point is only one park; Cedar Fair (FUN) is the entire co. for which Mr. Ouimet is the CEO.

Most of the envious people have little idea of the kind of work a CEO (or CFO) performs and couldn't do the job and put up with the amount of travel required if they tried.

Corp. execs. tend to have very short business life spans. No value to the co. - out they go!

The level of financial and economic ignorance in the U.S. is sadly pathetic which is one of the reasons why the world's capital (money) continues to look elsewhere for growth.

Imataloss

Don't most CEO's make millions and their unskilled labor make minimum wage? Why are you expecting something else here? In fact, I would guess Ouimet probably makes less than most CEO's of billion dollar public companies.

Success is not a bad thing. Paying your dues as a minimum wage employee is not a bad thing either.

The Answer Person

See?...this is why you should go to college.

Really are you ...

No, sorry that is not entirely true either. I have gone to college, and have also served in the military. During outprocessing from the military, one thing that they stressed when reentering the civilian world was networking. It is not really how much you know about something, but who you know in the place you are trying to get hired into.

Gesswho2

This disgust me, they keep taking things from there seasonal employees but keep raising the salaries and bonues of there big wigs! I remember when the workers got 1 dollar bonues for every hour worked, then they decided that was to much then changed it to 50 cents, then they decided that was to much and lowered it to 35 cents, then got away with it. Also, they used to give out perfect attendance awards to the employees after each month that was a card that they could get a free meal at the employee cafeteria, but got away with it.

In little over two years parking has went from 10 dollars to 15 dollars!, and this year tickets are 54.99! Also I don't understand why the city puts up with this place so much they pay no taxes to this city, and ok they donated money for a football field WHOOPI!! (More advertising for them) Cedar Point should have free parking for residence of sandusky or erie county, and a day where residence of the county can get in for half the price, but they won't do that, and sorry I believe that our crime problems have a direct correlation with cedar point.

Also, that place goes through more employees then hugh hefner does girlfriends. Toward the end of the summer look who is working, there is no employees all volunteers that they pay 40 dollars for 8 hours of work, and are over worked!

BGaughan

Yeah, about that... nothing you just said had any basis in reality whatsoever.

My suggestion would be to do the following:

1) Go back and repeat the elementary school grade in which basic spelling, grammar and sentence structure is covered
2) Do five minutes worth of research into the economic reality of the amusement industry

At that point you can come back to continue your laughably stereotypical screed about how people who go through years of pre and post graduate education followed by additional years of hard work are not deserved of compensation commensurate to their abilities and experience.

shucks

Screed... That's a very accurate word for most of the commentators who "contribute" to the Sandusky Register blog.

pavedparadise

BGaughan

You forgot to put periods at the end of your too points. I mean two points.

totallyamazed

.
.
Things have changed at the park in the last (number of years). Good, bad and for the better. Hope things work out for CEDAR POINT. They're putting a decent amount of $$$$$ into it.
.
.

Nor'easter

It is time to raise the admissions tax to 10% and pave the streets in Sandusky.

shsalum

This CEO deserves double what he is currently being paid. Compared to the Dick era at the park, morale has increased five fold while results have improved as well. As a unit holder, just be thankful they did not give the reins of this company over to Jack F. or we would all have been left empty handed.

For all of you who despise the executive pay - isn't this the American dream? Don't hate those who have succeeded, but instead work harder and be more motivated to be successful.

KURTje

No. This is why my investiment $$ went to organizations like Tata Motors (Singh grove) & Auto Zone. They imo. are more aware of what is going on. America historically is fat & top heavy.

phroggy

You should invest in beer. When people have a bad day, they drink. When people have a great day, they drink.

lifetimeresident

Quimet and Kinzel didnt have anything to do with the stock holders not going broke. I hope you shareholders sent a nice card to Geoffrey Raynor in Texas for Christmas. With out him you were sunk.

Dr. Information

Leave it to the liberals.....complain when someone makes great money. But don't be fooled....they would take the same job if offered and pay and defend it to the end. Problem is, most liberals are to lazy to get off the couch and stop collecting government checks.

8ballinthesidepocket

Does Cedar Point accept food stamps? That will be the only way I will be able to go there. Used to love to get an order of french fries and a coke, now you get about 6 fries and a cup full of ice and maybe 3 oz of cola all for 7.50!!! No wonder they can pay this guy a million for doing nothing except exploiting the seasonal help.

Kelly

If you have a season pass you get 2 huge fries (one a chili cheese fry) & two drinks for less than that. It's only $6-something.

wiredmama222

Congratulations. I hope when your new taxes hit, you are not too mad that the loop holes your congressman failed to close are not too much of a shock.

But on the flip side, I am sure you will spend money right here in Sandusky, or I hope you will. After all, you do live here, right? You will buy right here in good old Sandusky, and pay out to Sandusky and Perkins, right? That some of that cash will go back into our system here? Good.

Then make all you want as long as some of it goes back into the stores here and the tax base and the taxes of our cities and such. We wouldn't want it to go elsewhere. No,sir, that would be just awful.

So thanks for keeping it right here in good old Sandusky and Perkins. Oh, yes, those of us here could really benefit from it.

Really are you ...

They haven't figured a way to outscource it to China. Lol.