Kinzel stepping down from Cedar Fair board

Former CEO and president Dick Kinzel hits mandatory retirement age in June.
Melissa Topey
May 9, 2013

About 10 years ago, Cedar Fair implemented a mandatory retirement age of 72 for board members.

“I think it’s a good thing, brings in new blood,” Kinzel said after Wednesday’s announcement. “I had 40 years with the company. Cedar Fair is a great company and they took care of me.”

Cedar Fair CEO and president Matt Ouimet can now build his own team, just as Kinzel did when he was CEO. This would include board members who can provide advice and guidance to Ouimet.  

Kinzel resigned from his leadership post at Cedar Fair in January 2012. He and his wife, Judy, have been traveling and spending more time with their children and nine grandchildren. They plan to remain in Sandusky, but they also have a winter home in Florida.

“This is our home,” Kinzel said of Sandusky.

John Hildebrandt, general manager of Cedar Point, worked with Kinzel for 37 years. 

“Dick built Cedar Point into Cedar Fair, a billion-dollar entertainment company,” Hildebrandt said. “He more than made his mark.”

Hildebrandt said when he thinks of his colleague, he thinks of a devoted family man and a risk-taker. He also thinks of the Magnum XL-200, Cedar Point’s steel coaster built in 1989. Under Kinzel’s direction, Magnum was the first coaster to exceed 200 feet. The ride is often credited with starting the coaster wars among amusement parks forever seeking to claim ownership of the tallest and fastest coasters.

During an earnings conference call Wednesday, Ouimet thanked Kinzel for his years of service.

“For more than three decades, Cedar Fair has benefited from Dick Kinzel’s experience,” Ouimet said. “I am certain he will sustain a keen interest in our performance going forward.”

Replacing Kinzel on the board will be Scott Olivet, CEO of Renegade Brands LLC, a California-based investment company. He’s executive chairman of RED Digital Cinema, and he sat on the board of Collective Brands as well. He was also a partner with Bain & Company, a strategic consulting firm, and he was CEO and director of Oakley. 

Comments

Kelly

Happy Retirement!

Gardenman

Dick Kinsel has been good not only for Cedar Fair but for the greater Sandusky area. Cedar Point's success has meant tax dollars and visitor spent dollars flowing into the greater Sandusky area. Whatever business that can positively affect our economic welling being is good. We appreicate his leadership.

Cowboy

Dick has also been responsible for a 7 million dollar failed deal with Apollo, and he tried to force us shareholders to sell our shares at $11. He has been selling his shares of stock religiously for the last two years and he has been single-handedly responsible for what appears to be a serious multimillion dollar lawsuit with Mr. Falfas. As a shareholder, I will not miss him at all! Cedar Fair stock is pushing $42 since Q Funding has played their hand and forced Dick out!

Centauri

For you Cedar Point fans, old photos of Cedar Point can be found in the link below.

http://tinyurl.com/c6jzhl2

shucks

Good riddance, Mr. Kinzel !
Don't let the door hit you in the buttocks.
Mr. Ouimet knows what he's doing.

Nemesis

Exactly how many companies have YOU taken from near collapse to being as successful as Cedar Fair?

Yeah, I thought so - everybody's a Monday morning quarterback.

shucks

I'm GLAD Mr. Ouimet has taken Cedar Fair from near collapse.

Tool Box

Yeah, when Mr. Ouimet took over I believe the stock was around $11.

shucks

There was a time it went down to around $7 a share after a high of $50 ish.

arnmcrmn

Just like nearly every other stock when the market collapsed. But those don't matter huh? SMDH......you make absolutely no sense at all.

Contango

@ armmcrmn:

One of the reasons to own (FUN) is for the div'd yield.

(FUN) CURRENTLY has a nice div'd yield, but they cut and then suspended the dividend during the financial crisis.

If an investor is looking for yield, there are IMO, much better and more diversifed opportunities in which to invest.

I own (FUN) indirectly. I would not personally own it directly.

If I WERE to own it directly, I would make it a small percentage (maximum 5-10%) of a highly diversifed portfolio.

shucks

@ armmcrmn
If I: "...absolutely don't make sense...", refer back to Toolbox and Cowboy comments for guidance.

Tool Box

I agree with 4shizzle and Cowboy, unfortunately he will be remembered for how much money he cost the company in the last 10 years. He said it himself, Disaster Transport was his worse decision! I think he forgot about the Geauga Lake acquisition when he made that comment. And then there is a whole other can of worms in placing his sons in executive positions, no nepotism there! Yeah, right!

Contango

Enjoy reading postings from the investing illiterates.

The Federal Reserve's QE and ZIRP has been the main driver of boosting the stock mkt. since early ’09.

A rising tide lifts all boats and (FUN) is no exception.

Unless you've walked a mile in Mr. Kinzel's loafers and sat in the boardroom, your hate filled rants are essentially coming from a position of ignorance.

The value of Mr. Kinzel's (FUN) shares is $31 million.

It's ludicrous for anyone to suggest that he is not and has not been interested in the profitably and success of the co.

I own (FUN) indirectly through mutual funds.

Oops! (FUN) posted a 1Q loss:

http://www.cnbc.com/id/100720524

Sharin' Johnson

He still own Dick Sports? He real smart got dat fall back on.

Fireside

THANK YOU Mr. Kinzel. I wish you a long and happy retirement !!

KURTje

So who cares about gold- not many. Ethics? Whew!!! That's a tuffy. Fortunate to make much of my own too. Asparagus is great & abundant. This with many other things make me wealthy.

shucks

I enjoy reading a bragging financial phony give his opinion.
"Got gold?"
http://screen.yahoo.com/breakout...

Hot air lifts balloons. What's keeping you down?

Train

Nice link Centauri

Contango

"Gold"? So "off-topic" but -

For the "investment illiterates":

Sorry to disappoint, BUT - I'm up YTD on (GLD). :)

Do likewise:

http://www.zerohedge.com/news/20...

It's a small position against a currency crisis, NOT an investment.

Only a simpleton (or an "investment illiterate") would put all of one's eggs in a single basket.

shucks

Just a reminder of when the mantra was "Got gold?" implying to buy gold.
People would have lost money now if they had bought it at that time, right?
Hedge schmedge, others probably wont live long enough to see it rebound if they listened to you.
ALWAYS bragging about yourself which is always small and "off topic".

Contango

@ 4shizzle:

As misinformed as ever eh Shortcake?

Better watch your video again and hear EXACTLY what Mr. Swedroe said.

I've read several of his books - YOU?

Have a nice day bitchin' :)

shucks

Clowntango
Yeah?
Point it out,B.

shucks

What parts did you choose to ignore?

Julie R.

Just out of curiosity --- according to the auditor's website, Cedar Fair LP owns a lot of properties in Erie County, including a condo in Huron and also the property on Cedar Point Road that once belonged to Dr. Baxter and his wife. According to the auditor's records, Cedar Fair LP bought the Baxters property for over a million dollars under a fiduciary deed in 2000.

So who owns those properties --- Cedar Fair LP or Dick Kinzel? If it's Dick Kinzel and he's retiring, don't the properties now have to go in his name instead of Cedar Fair LP?

shucks

Does anyone live in the Baxters ex-property ?

Julie R.

I'm sure somebody must live in it. Why would Cedar Fair LP ~ according to the Sales Data ~ spend $1,310,000.00 for a house and let it sit empty?

http://erie.iviewtaxmaps.com/Dat...

shucks

Why is it not possible for it to be empty?
Of course it doesn't make sense to us, peons (I assume you are not a multi-millionare).

Tool Box

Dick had Cedar Fair buy Baxter's property in order to use it for overflow parking. Unfortunately Dick didn't do his homework and found out the hard way that you can't charge for parking on that residential zoned lot.

Julie R.

I would be curious to know how Cedar Fair is ever going to sell the Baxters property someday ~ if and when they ever do. Whosoever would be interested in it would not be able to go through a bank because banks require title searches and if it's true what somebody said --- that the Erie County probate court and Cirigliano sealed the records in the probate estates of the Baxters --- no way would a title company ever give out title insurance if they are prohibited from searching records in probate.

shucks

Julie R.

Sounds like you have a lot of info.
Is the place empty?

Julie R.

Only information I have is a matter of public record --- it's on the auditor's website. On the other hand, as I previously showed proof of --- the auditor and recorder's online records are very misleading. (especially when it comes to fraud)

Cowboy

What, fraud, Dick would NEVER be involved with fraud! Ha ha ha, I think you got the wrong guy!

Tool Box

Actually isn't filing that, "Jack Falfas was fired" with the Securities and Exchange Commission fraud?

Tool Box

Dick!

Julie R.

Lest anybody thinks differently --- one can not commit fraud on property without the assistance of the auditor and recorder, not to mention the prosecutor who oversees those offices. And neither can anybody get away with it without the assistance of their buddies at the courthouse.

shucks

Right,money talks.