SeaWorld CEO Serge Rivera Resigns in Board Dispute Amid Crisis

(Bloomberg) -- SeaWorld Entertainment Inc. Chief Executive Officer Serge Rivera resigned effective immediately, leaving his position after only five months as the already-troubled theme-park operator contends with the coronavirus crisis.

Marc Swanson, the chief financial officer, will serve as interim CEO, SeaWorld said Monday. Swanson was also interim CEO before Rivera’s appointment in November. Elizabeth Castro Gulacsy, the chief accounting officer, will be interim CFO.

SeaWorld has struggled to find its footing since a 2013 documentary criticized its handling of captive killer whales, driving revenue down. The company has cycled through multiple leaders: The prior permanent CEO, Gustavo Antorcha, left in September after serving only since the previous February.

Despite the turmoil, SeaWorld shares gained on Monday -- part of a broader rally fueled by optimism that the coronavirus toll is easing. The stock was up 12% to $10.14 as of 11 a.m. New York time on Monday. It had been down 71% this year through Friday, compared with 23% for the S&P 500 index.

Rivera left his executive and board positions due to disagreements over the board’s involvement in decision making at the company, SeaWorld said in a regulatory filing. He isn’t entitled to, or seeking, severance payments.

The interim executives will stay in those roles at least through the reopening of SeaWorld’s theme parks, the company said. The parks closed March 13 as part of a wave of suspensions throughout business and entertainment, in an effort to stem the spread of the coronavirus.

“The board remains united in guiding the company through the tough but necessary decisions to best position the business for long-term success,” Chairman Scott Ross said.

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