Another SeaWorld Entertainment CEO resigns, citing disagreement with board

Posted Monday, April 6, 2020 12:14 PM | Contributed by BrettV

A Monday filing with the SEC shows that SeaWorld Entertainment CEO Serge Rivera resigned, citing his disagreement with the board's involvement in decision making at the company. His predecessor, Gustavo “Gus” Antorcha, cited a similar reason for his leaving last September.

Read more from WESH/Orlando.

Monday, April 6, 2020 12:39 PM
sirloindude's avatar

Forgive my ignorance, but if the board is being this problematic, what does the process entail for making changes on the board?


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Monday, April 6, 2020 12:39 PM

Here is the correct link: https://www.wesh.com/article/seaworld-ceo-resigns-serge-rivera/32051025

Ps. I hate news sites that auto change the URL just with scrolling...


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Monday, April 6, 2020 12:51 PM
Jeff's avatar

Thanks, I edited it. Happens to me all of the time.

Unless there are some activist investors to counter the activist investors on the board, I don't know that there is a lot you can do. But if you are an investor, you have to be looking at what's going on and think, "No way am I going to put money into that enterprise, and I'm gonna sell what I have, because the board involvement across many CEO's now implies the problem is not the CEO's." Investor-led boards don't have to be a problem, but they have to prescribe outcomes and then get out of the way and let the hired leaders reach those outcomes.


Jeff - Editor - CoasterBuzz.com - My Blog - Music: The Modern Gen-X - Video

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Monday, April 6, 2020 1:19 PM
Vater's avatar

SeaWorld seems like the amusement industry version of the Washington Redskins organization. Except Dan Snyder is the board, in this case.

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Monday, April 6, 2020 1:39 PM

I know nothing about SEAS or their board, but where I have seen things like this before, the Board usually ends up in a huge lawsuit for favoring their own interests.

I'm with Jeff, I wouldn't touch this stock at all. Honestly, with leadership like this and in these times, this could end very badly very quickly.

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Monday, April 6, 2020 2:45 PM

You have to establish that the board is favoring its own interests (over those of shareholders). I don't know if that can be established here. But intervening here is the worst economic slowdown in at least a century. Talking with different people at the same company/in the same industry and you get different thoughts on how best to proceed. Last I checked Cedar Fair and Seaworld were up by about the same percentage today. Market does not appear to be concerned about the SW board.

If you apply for a job and the guy who had it right before you left within a very short period of time because the board was exercising too much control, what are you thinking the board will do when you take the job? Maybe your ego has you thinking the board won't do that because of how great you are.

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Monday, April 6, 2020 5:14 PM
TheMillenniumRider's avatar

What if the board members are shareholders, differentiating between best interests of a shareholder vs. best interests of a board member (who happens to be a shareholder) must be extremely difficult to prove.

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Tuesday, April 7, 2020 2:54 PM
Jeff's avatar

Well, we know how useful petitions are, but they got the Sentinel's attention:

https://www.orlandosentinel.com/coronavirus/jobs-economy/os-cfb-sea...story.html


Jeff - Editor - CoasterBuzz.com - My Blog - Music: The Modern Gen-X - Video

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Tuesday, April 7, 2020 3:38 PM

Jeff said:

Well, we know how useful petitions are, but they got the Sentinel's attention:

https://www.orlandosentinel.com/coronavirus/jobs-economy/os-cfb-sea...story.html

I'd suspect any newspaper is looking for any story at this point.

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Tuesday, April 7, 2020 4:13 PM
Jeff's avatar

Please don't quote the previous post.


Jeff - Editor - CoasterBuzz.com - My Blog - Music: The Modern Gen-X - Video

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Wednesday, April 8, 2020 8:44 AM

Didn't the Sentinel also have a poll on releasing the Orcas?

Last edited by GoBucks89, Wednesday, April 8, 2020 9:06 AM
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Wednesday, April 8, 2020 1:14 PM

This is a public relations nightmare for Seaworld ,The CEO quit because they took away health insurance from 90% of employees during a pandemic. I know Seaworld is in money trouble but this will not help in the long run. If it further reduces Stock price they will be in hostile takeover range. Or at least have to sell assets (Universal buys Seaworld Orlando and Discovery Cove,Boom Same number of Parks as Disney)

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Wednesday, April 8, 2020 2:15 PM
Fun's avatar

It is surprising how little wall street seems to care about this, share price has gone up in the days since his resignation.

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Wednesday, April 8, 2020 2:16 PM

I bet Jared Kushner could fix it.

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