SANDUSKY — Cedar Fair LP, parent firm of Cedar Point amusement park, said it extended the contract of President and Chief Executive Officer Matt Ouimet through 2016 and gave him a $50,000 raise in the process.
In a filing Monday with the Securities and Exchange Commission, Cedar Fair said it amended the contract of Mr. Ouimet, who joined the amusement park chain in June, 2011, to run through Dec. 31, 2016. The contract was set to expire in 2014.
As part of the reworked contract, Mr. Ouimet’s base salary increased to $900,000 annually from a previous $850,000. When he joined the firm with the title of president, his salary was $750,000 annually.
Mr. Ouimet became CEO at the start of 2012 when former President and CEO Richard Kinzel retired. When he retired, Mr. Kinzel’s base salary was $1.3 million.
The reworked contracts also adds cash incentives based on the company achieving certain financial goals.
It also requires Cedar Fair’s board of directors to consider and develop a new long-term incentive compensation plan for Mr. Ouimet after Mr. Ouimet develops a long-term adjusted earnings plan for the company that provides multiyear financial targets.
Under Mr. Ouimet, Cedar Fair has posted a strong financial performance the last two years. In 2012, the company had a profit of $101 million, up 43 percent, on record revenues of $1.01 billion. Based on nine-month revenues, Cedar Fair projects its 2013 revenues will total between $1.1 and $1.125 billion.