SeaWorld Entertainment Inc. (NYSE: SEAS) shares jumped again on Tuesday after the company announced some major changes in leadership going forward. Essentially, the chief executive officer has resigned after only five months.
CEO Sergio Rivera noted disagreements with the board of directors in terms of the board’s involvement in the decision-making process. Strangely enough, his predecessor, Gustavo Antorcha, cited a similar reason for his departure back in September.
Accordingly, the company announced three leadership appointments. Marc Swanson, who serves as chief financial officer and treasurer, has been appointed interim CEO. Elizabeth Castro Gulacsy, who serves as chief accounting officer, has been appointed interim CFO and treasurer. Gulacsy will retain her role as chief accounting officer. Walter Bogumil, who serves as chief strategy officer, has been appointed to the role of chief operating officer. Serge Rivera has resigned from his positions of chief executive officer and member of the board of directors. All of these changes are effective immediately.
The board unanimously approved these appointments and expects the interim roles will last at least through the resumption of operations at the parks. The board will review the interim roles once SeaWorld reopens its parks.
Additionally, the executive officers have agreed to reduce their base salary by 20% until the theme parks substantially resume normal operations.
Scott Ross, chairman of the board of directors, said:
Marc, Elizabeth and Walter are experienced leaders with proven track records and the right people to lead the Company through this unprecedented environment. The Board remains united in guiding the Company through the tough but necessary decisions to best position the business for long-term success.
SeaWorld traded up 15% early Tuesday at $12.05, in a 52-week range of $6.75 to $36.96. The consensus price target is $24.00.
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