SeaWorld still looking for next CEO
In unusual move, company changes top management
ORLANDO, Fla. – In the midst of searching for a new chief executive officer, SeaWorld Entertainment earlier this month announced a shuffling of top management roles.
SeaWorld gave company veteran Dan Brown oversight of all its theme park operations while moving Terry Prather, president of its Orlando attractions, into a new senior vice president role. Such a management change before bringing in a new CEO is fairly unusual, analysts say, but the company might not have wanted to wait as it faces the challenge of finding a new leader.
“I think what they’ve done, frankly, is to send a signal and say, ‘Hey, we’ve got a deep bench of folks who can keep the business moving along while we’re still trying to take our time and find the best candidate to fill this position,’ ” said Tuna Amobi, an analyst with S&P Capital IQ. “It removes the pressure from the board of potentially naming someone that may not be the best fit. I think this probably buys them a little bit of time to find the right candidate.”
That person will take over the helm of a company that has struggled with the loss of corporate partnerships and a steep decline in stock value amid controversy over its killer whales. Jim Atchison announced his resignation in December and SeaWorld named board chairman David D’Alessandro interim CEO. SeaWorld did not comment for this story.
Much of SeaWorld’s problem, industry watchers say, is the trouble its brand has endured. The 2013 documentary “Blackfish” cast SeaWorld and its treatment of killer whales in a harsh light, and last year the company acknowledged attendance has suffered from the fallout. Meanwhile, rivals Disney and Universal have opened popular new attractions that have helped send their attendance soaring.
“It’s very competitive in Orlando. The brand’s taken a real blow with the documentary. There’s a lot to really tackle there,” said Barton Crockett, an analyst with FBR Capital Markets & Co. “But you’ve got some very unique assets, and surveys of people who go and say they love it. You have a lot to work with as well.”
The company’s problems could scare off some candidates but could attract others, particularly turnaround artists. What the company needs right now, industry watchers say, is not so much a theme park expert but someone who has expertise in branding, marketing and dealing with Wall Street.