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Mike Spanos will take over as the president and chief executive officer of Six Flags Entertainment Corporation. Spanos will take over the baton from Jim Reid-Anderson post the latter's retirement on November 18. Reid also serves as one of the board of directors of the world's largest regional theme park company. Richard Roedel, who has been a board member since 2010, will replace Reid as chairman of the board, while Spanos will become a board member, with immediate effect.

Six Flags Entertainment Corp is also the largest operator of waterparks in North America, with 26 parks across the United States, Mexico, and Canada that generate $1.5 billion in revenues. The announcement of Spanos' appointment follows the Grand-Prairie based company's dismal third-quarter results, wherein it both revenue and earnings estimates.

"As a major investor in Six Flags, I have the utmost confidence in Mike's ability to further supercharge our growth initiatives, continue to drive innovation, and deliver significant short, medium and long-term value for our stakeholders," Reid-Anderson said in a statement.

Spanos had most recently been the chief executive officer of PepsiCo, Asia, Middle East and North Africa (AMENA) and had a huge responsibility in expanding the company's business in this part of the world. AMENA spans more than 43 countries generating revenues of $6 billion and has on board 20,000 direct and 115,000 indirect employees across its food and franchise beverage operations, contributing $1.2 billion in profit.

Spanos' departure is certainly a big blow for PepsiCo and at the same time a big investment for Six Flags. "I am thrilled to join the dedicated and talented employees of Six Flags," said Spanos, adding, "Jim has built an amazing legacy, and I look forward to the next horizon of growth. It is a privilege to be able to lead such a superb organization."

Spanos' association with PepsiCo goes back a long time. He held multiple commercial general management roles of at PepsiCo since 1993, starting as a frontline territory manager in North America. Of his 25 years of association with PepsiCo, Spanos has served at various international locations for seven years including Eastern Europe. Spanos will now be shifting base to Dallas-Fort Worth area with his family.