SANDUSKY — Cedar Fair LP has acceded to the wishes of its largest shareholder and will call for a special shareholders meeting to vote on a proposal to relieve top executive Dick Kinzel of his duties as board chairman while staying on as chief executive.
In a regulatory filing Thursday, the amusement park company agreed to call the meeting that Texas-based Q Investments demanded in a Nov. 3 letter to the company. A date, time, and location has not been set but is expected to be added if the Securities and Exchange Commission approves the proxy statement.
In the filing with the commission, which will be sent to all shareholders after it is approved, Cedar Fair said it opposes all of Q Investments' proposals and urges their defeat. The Texas funds have proposed hiring a new board chairman previously unaffiliated with the company, and having the company pay a higher dividend.