Six Flags Entertainment chair, president and CEO James Reid-Anderson has informed the group’s board of his decision to step down and retire by the end of February 2020.

The operator has started its search for Reid-Anderson’s successor in the CEO role in a US Securities and Exchange Commission (SEC) filing, which was posted yesterday (7 March).

The search process is being led by the company’s board of directors, which will evaluate both internal and external candidates for the CEO position. The board will also now evaluate candidates for the chairship of the board.

"In connection with the succession planning process, on 7 March 2019, the company and Mr Reid-Anderson entered into a retirement agreement that becomes effective upon the earlier of: (i) notice from Mr Reid-Anderson of a retirement date on or after February 28, 2020 and (ii) notice from the company of the commencement date of an individual to become the next CEO of the company," read the SEC filing.

"The retirement agreement provides for the continuation of Mr Reid-Anderson’s compensation arrangement under his current employment agreement through his retirement date.

"Under the retirement agreement, if the company identifies a new CEO before 28 February 2020, Mr Reid-Anderson will continue to receive his salary through 28 February 2020 and if Mr Reid-Anderson’s retirement date is before the bonus for the calendar year 2019 is paid, any bonus Mr Reid-Anderson would have received for the calendar year 2019 will be paid based on actual company results and consistent with the manner calculated for other senior executives."