Seaworld CEO is stepping down

 

SeaWorld stock will take a deep dive

Seaworld’s biggest fish is leaving the firm.

On Thursday the company declared that CEO James Atchison will resign from his put up effective January fifteen, 2015.

Atchison leaves with a significant spend package deal, which involves a lump sum payment of much more than $ two.4 million.

He will also be permitted to vest his outstanding shares of Seaworld ( SEAS ) , which are really worth a lot more than $ 8 million at the near of trading Thursday.

One particular resource near to the organization stated it was time for new suggestions on how to turnaround sagging overall performance.

2014 has been a tough calendar year for the ocean-themed amusement business.

The Orlando, Fla. organization was presently below rising scrutiny after a single of the park’s killer whales killed a coach in 2010.

A maelstrom of unfavorable headlines followed the airing of “Blackfish” on CNN previous year. The documentary painted Seaworld in a negative mild, exhibiting the historical past of killer whales in captivity and incidents of violence in direction of their trainers.

There was a sharp decrease in attendance following Blackfish was aired.

SeaWorld stated in its most modern earnings launch that “unfavorable media coverage” was still weighing on the company.

In November the firm stated visits have been down a lot more than 5% from the exact same time a yr back.

SeaWorld’s stock has tumbled far more than 50% because it very first started buying and selling in April 2013.

“Evidently 2014 has unsuccessful to fulfill our expectations,” Atchison said on an earnings phone.

The organization said earnings could tumble as much as sixteen% for the calendar year.

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