SeaWorld Suffers Worst Rout of the Year After Abrupt CEO Change
Marc Swanson, who was chief financial officer, has been named interim CEO, the company said Monday, replacing Gustavo Antorcha.
(Bloomberg) -- SeaWorld Entertainment Inc. suffered its biggest stock decline of the year after abruptly replacing its chief executive officer, marking the latest management upheaval for the theme-park operator.
Marc Swanson, who was chief financial officer, has been named interim CEO, the company said Monday, replacing Gustavo Antorcha, who was appointed in February. Elizabeth Castro Gulacsy, formerly chief accounting officer, was named interim finance chief.
Antorcha referred to some apparent disagreements in the statement announcing his exit. “While I may have a difference of approach, I continue to believe in SeaWorld’s strategy, mission, team and prospects,” he said.
The shares declined as much as 6.8% to $28.02, the biggest intraday drop since December. Before the slide, the stock was up 36% this year.
SeaWorld has struggled to find its footing since a 2013 documentary criticized its handling of captive killer whales. Revenue is below where it stood six years ago, and the company suffered three years of losses before returning to profitability in 2018. It’s had six CEOs since 2014, including some appointed on an interim basis.
Both Swanson and Gulacsy are longtime company employees. The board has retained a search firm to find Antorcha’s successor.
To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net
To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net
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