[AN] Snyder devient chairman

Dan Snyder's campaign to become chairman at Six Flags has paid off, as the Washington Redskins owner was unanimously approved for the post by the park operator's board.

Six Flags said in a press release Thursday that Snyder will serve as nonexecutive chairman, while Michael Gellert will continue as lead independent director.

The company also said it's continuing with the previously announced sale process. Final bids are expected before the middle of December.

Six Flags first said in August that it would seek proposals for a possible sale after Snyder indicated that he wanted to raise his stake in the company and become chairman. Snyder's investment firm, Red Zone, recently won a shareholder vote to replace three directors on Six Flags' board, including the company's chief executive and chief financial officer.

Source : The Street