October 3, 2006
New York -- Six Flags, Inc. (NYSE: SIX) will give their top executive a pay raise even though the company still isn't profitable. Mark Shapiro, president and CEO of Six Flags will be paid $1.3 million in 2007. That's a 30 percent increase over his current $1 million salary.
The salary increase was revealed Monday in a filing with the Securities and Exchange Commission. Under the new agreement Shapiro's target bonus will also increase to $1.3 million, up from $1 million and increase his maximum bonus to $2.6 million instead of 200 percent of his base salary.
Shapiro previously worked for ESPN where he held the position of executive vice president of programming and production. Six Flags, Inc. hasn't been profitable since 1998, the year Premier Park purchased Six Flags from Time Warner.
In the past several years Six Flags has struggled with annual losses, declining attendance, bad press and more than $2 billion in debt.
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