SeaWorld CEO Finally Throws In Towel

(RTTNews) - SeaWorld Entertainment Inc. (SEAS), Tuesday said its CEO Joel Manby is leaving the company, as the water theme park operator continues to struggle with declining attendance.

SeaWorld's Board and Joel Manby agreed that this is the right time to identify a new CEO as the company enters its next phase of intensified focus on execution and growth.

Current Chief Parks Operations Officer John Reilly has been appointed as interim CEO succeeding Manby. Current Chairman of the Board Yoshikazu Maruyama has become interim Executive Chairman until a permanent CEO is appointed by the Board.

Donald Robinson, Lead Independent Director, said, "The Board agreed that this transition plan is the right approach to advance the Company's progress and create value for all our important stakeholders. We know John will be an excellent leader in this new role and we thank Yoshi for taking on this additional interim responsibility to ensure a smooth transition. Finally, we want to express our deep appreciation to Joel for his leadership and contributions as CEO."

SeaWorld on Tuesday also said it continues to struggle with weak revenues and profit hurt largely by continued decline in attendance.

SeaWorld's total attendance for 2017 dropped by 5.5% to 20.80 million from 22.00 million a year ago. Admission per capita decreased by 1.0% to $36.79 from $37.17 in the prior year period. In-park per capita spending increased slightly to $23.96 from 23.93 last year.

SeaWorld's business has come under fire since the critical 2013 documentary 'Blackfish,' which was about Tilikum. The orca had dragged a trainer named Dawn Brancheau under the water to her death in his tank at the Orlando park. He also killed trainer at the now-defunct Sealand of the Pacific in British Columbia and a man trespassing on SeaWorld Orlando's property.

The documentary claims killer whales exhibit increased aggression during captivity. Among other problems, the whales are said to have shorter life spans. The film severely affected the aquatic amusement park's attendance and revenues.

In 2016, SeaWorld had announced its decision to put an end to captive breeding of killer whales or Orcas amidst pressure from animal rights activists. It will not collect marine mammals from the wild anymore and it will not release the mammals to the wild or to confined sea cages.

SEAS is currently trading at $15.81, up $0.07 or 0.44%, on the Nasdaq.