Cedar Honest LP, one particular of various amusement park operators with bottom strains damage by Covid-19, is parting strategies with its longtime authorized chief Duffield “Duff” Milkie.
Milkie resigned immediately as govt vice president, standard counsel, and corporate secretary, but will keep on being an employee of Cedar Good till Sept. 30, the Sandusky, Ohio-based corporation disclosed in a securities submitting Wednesday. Milkie will then changeover to a non-staff advisory purpose at Cedar Fair that he’ll keep by Feb. 24, 2022.
Incentive awards he has will vest upcoming calendar year if he “provides the solutions required” and “complies with the restrictive covenants in his work agreement,” a transition and launch arrangement amongst Milkie and Cedar Honest states. Milkie is no for a longer period detailed on Cedar Fair’s executive leadership page.
Milkie, who didn’t respond to a ask for for comment about his submit-Cedar Truthful ideas, is heading for the exit right after his pay out offer dropped by more than 58% in 2020. Cedar Fair exposed in an annual proxy statement filed in April that Milkie was compensated virtually $730,000 previous yr, down from the extra than $1.7 million in whole payment he acquired from the company in 2019.
Senior executives at Cedar Honest, such as Milkie, agreed to take a 25% lower to their foundation salaries past yr as section of “proactive actions to minimize working expenses and money outflow in response to Covid-19,” the business mentioned in its proxy. Cedar Fair CEO Richard Zimmerman agreed to consider a 40% cut to his $850,000 foundation income. Milkie’s base salary, prior to his individual pay back minimize, was $460,000.
Milkie presently owns more than $4 million in Cedar Honest stock, in accordance to Bloomberg data. The organization hired him as a company vice president and general counsel in 2008 and gave him the corporate secretary role in 2012. Milkie became an govt vice president at Cedar Good in 2015.
Cedar Good spokesman Gary Rhodes informed Bloomberg Law that the business is “working on a approach to assure a sleek transition” and expects to conduct an exterior look for for a new typical counsel.
Zimmerman, Cedar Fair’s CEO, spoke with Bloomberg Tv in Might about the company’s strategies to reopen all of its U.S. theme parks last thirty day period.
Cedar Truthful, which far more than a 10 years ago shook off a $2.4 billion takeover bid by Apollo Global Management LLC, owns and operates Cedar Stage, the 2nd-oldest amusement park in the U.S. and 1 located in its home city on a peninsula that extends into Lake Erie. The New York Occasions documented in 2018 that Metal Vengeance, a Cedar Point roller-coaster that opened that calendar year, was a person of the “wildest” in the U.S.
In 2019, amusement park rival Six Flags Amusement Corp. also reportedly regarded as a probable acquisition of Cedar Reasonable. 6 Flags employed its very own new authorized main final calendar year in Laura Doerre, who succeeded retired standard counsel Lance Balk.
A proxy statement submitted by Six Flags in March pointed out that Doerre acquired much more than $2.3 million in total payment for the duration of her initially 12 months on the career. Doerre took a 25% reduction to her $540,000 base salary as a outcome of the coronavirus pandemic.
While that reduction was through year’s stop, as of Oct. 1, Doerre noticed her base wage raise to $650,000 when she took on the supplemental purpose of main administrative officer, in accordance to 6 Flags’ proxy assertion.
The Walt Disney Co., an leisure giant that past year lowered the pay of its possess longtime lawful chief Alan Braverman, has quarreled with point out officers in excess of ideas to reopen its a variety of amusement parks.