SeaWorld losses widen for the year as CEO Manby departs

  • SeaWorld losses widen for the year as CEO Manby departs

SeaWorld losses widen for the year as CEO Manby departs

"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", said Donald Robinson, lead independent board director.

SeaWorld Entertainment CEO Joel Manby has stepped down from the position at the same time as the company announced that its net losses surpassed $200m in 2017.

SeaWorld said that it lost about $200 million in fiscal year 2017, which was not quite as bad as the year before, when it lost $215 million. Attendance dipped 2.7% from the same period a year ago, with 4.26 million people going to the company's various theme parks. Revenue was US$1.26bn.

Manby joined the Orlando company in March 2015, tasked with rehabilitating SeaWorld's image in the wake of the 2013 documentary film "Blackfish" depicting the company's treatment of orcas. SeaWorld Entertainment generated $1.26bn in revenues past year, down from $1.34bn in 2016. Shareholders and prospective investors can also register to automatically receive the Company's press releases, SEC filings and other notices by e-mail by registering at that website. In efforts to draw in crowds, SeaWorld has also added more attractions and focused a lot of attention on misleading advertisements worthy of an eye roll.

SeaWorld has tried to fix its public image over the last few years, following backlash fueled by animal rights groups as a result of negative publicity generated by the 2013 documentary "Blackfish", which was critical of SeaWorld's killer whale program. SeaWorld Entertainment Inc is working with a executive search firm to help it find a permanent successor to Manby, whose resignation is effective immediately. Prior to that, Mr. Reilly served as Park President of SeaWorld San Diego from 2010 until April 2016 and Park President of Busch Gardens Williamsburg from 2008 to 2010.

John T. Reilly, SeaWorld's chief parks operations officer, is acting CEO in the wake of Manby's departure. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.