Six Flags hires Hot Topic CFO for finance chief

Dive Brief:

Amusement park operator Six Flags Entertainment hired Ash Walia, most recently finance chief for retailer Hot Topic and a former Starbucks executive, as its next CFO effective June 17, the company announced in a Wednesday filing and press release.
Walia succeeds Brian Witherow, who left the company on May 8 after serving as finance chief beginning July 2024, according to Witherow’s LinkedIn page and a securities filing. Dave Hoffman, who stepped in as interim CFO earlier this month, will continue to serve in his role as chief accounting officer with Walia’s appointment.
The latest leadership change comes amid pressure from an activist investor, and follows about six months after John Reilly joined as president and CEO, according to a press release at the time. Reilly most recently served as CEO of Palace Entertainment U.S. and group chief operating officer at Parques Reunidos.

Dive Insight:

Walia is joining the company as it faces challenges from activist investor Jana Partners which, along with football star Travis Kelce, has pushed the company to improve its marketing and customer experience, Reuters reported in October. In March, Jana called for a sale of the company, with Six Flags separately announcing Kelce would serve as a “brand ambassador" that month.

Walia, 62, has served as finance chief for Hot Topic since 2021 and previously was CFO of 99 Cents Only Stores. From 2011 to 2018, he served in a number of senior leadership roles at coffee giant Starbucks.

In his new role, he will earn an initial base salary of $690,000 and will receive restricted stock units with a grant date value of $1.25 million. He will also receive an annual equity grant with a target value of $1.8 million, according to the filing with the Securities and Exchange Commission.

“Six Flags is a storied business with a renowned portfolio of parks, and it is an honor to be joining the Company at such a pivotal moment,” Walia said in a statement in the release. “With a new operating philosophy and clear strategic priorities, I believe Six Flags is well positioned to capture the tremendous opportunities ahead.”

Six Flags reported a net loss that widened to $269 million in the first quarter from $220 million, even as attendance increased 4% over the period and net revenues rose 12% to $225.6 million.