Shapiro Ankles Six Flags

Six Flags CEO Mark Shapiro, who held the position for more than four years after a bitter proxy fight, has left the theme park operator, the company said May 12.

Shapiro also sits on the board of directors of Live Nation Entertainment, which is not affected by the Six Flags resignation.

Shapiro tendered his resignation less than two weeks after the company won approval of a Chapter 11 bankruptcy reorganization plan submitted by junior bondholders that named him and nine others as directors of the restructured Six Flags, according to the Washington Post.

Washington Redskins owner Daniel Snyder took control of Six Flags and became its chairman in 2005, just before the company collapsed under $4 billion in debt inherited from the previous chairman. Snyder chose Shapiro to be CEO.

However, anonymous sources told the Post Snyder and Redskins partner Dwight Schar declined to be reappointed to the Six Flags board, because of disagreements about the future operation strategy for the company.

Shapiro will continue to oversee Dick Clark Productions, which was purchased by Snyder’s private equity company, Red Zone Capital, in 2007.

“Mark Shapiro bravely led Six Flags through an incredibly difficult period,” Snyder said in a statement reported by the Post. “He has been an energetic, optimistic leader and problem solver. Most of all I admire his tenacious dedication to protect the interests of the 28,000 Six Flags associates during this period of transition.”

Alexander Weber has since been named Six Flags’ president and interim chief executive. An executive search firm has reportedly been hired to seek Shapiro’s replacement.