Tuesday, April 7, 2020

Revolving Door Continues to Turn at SeaWorld Entertainment

© SeaWorld Entertainment
SeaWorld Entertainment is once again making headlines for having yet another CEO suddenly quit their position.  This past weekend the latest CEO, Serge Rivera told the company they were leaving immediately.  Mr. Rivera was only in the role for about 5 months, and in a filing with the SEC, SeaWorld noted that he left due to disagreements with decision making influence of the company's board of directors.  This is the exact same reason the prior CEO left as well.

The board of directors is led by Scott Ross, who's personal investment company owns about 35% of SeaWorld Entertainment overall.  His involvement in any decisions made for the company are substantial, it is reported, which continues to cause rifts with leadership.  Fans of the parks and their animals are concerned that the company's future could be in doubt due to the current method of operations, with open letters asking for Mr. Ross to be removed now circulating social media.

For the time being, SeaWorld Entertainment has made Marc Swason the Interim CEO once again.  They state that they will not be pursuing a new CEO until they reevaluate the position when the parks are open again.

Additionally, the leadership team will take a 20% pay cut for the time being, which comes after they furloughed 90% of the company's employees April 1st, giving them no pay and cancelling their health benefits.