SeaWorld’s stock jumped nearly 7 percent during trading Wednesday after shareholders ousted the chairman of the board of directors at its annual shareholders’ meeting.
David D’Alessandro, who led the board since 2010, failed to get a majority of votes in an uncontested board election. Some said the move showed investors’ frustration over executive pay.
SeaWorld’s stock jumped nearly 7 percent during trading Wednesday after shareholders ousted the chairman of the board of directors at its annual shareholders’ meeting.
David D’Alessandro, who led the board since 2010, failed to get a majority of votes in an uncontested board election. Some said the move showed investors’ frustration over executive pay.
The move came amid declining revenues and attendance figures for the Orlando theme park in the wake of the documentary “Blackfish” that brought intense opposition to live whale shows.
Reuters also reported shareholders were angered by executive pay under D’Alessandro’s tenure after the company disclosed in a securities filing the company would give bonuses to D’Alessandro and other leaders based on SeaWorld’s performance since its 2013 IPO.
The board of directors will continue to act in the shareholders’ best interests, SeaWorld said in a statement issued after the meeting.
“SeaWorld’s entire Board of Directors has been intensely focused on building value for shareholders by implementing a well-defined plan of fundamental change,” the statement said.
D’Alessandro, who was a finance executive, served as SeaWorld’s interim leader from January 2015 through April 2015.
Later during Wednesday’s meeting, SeaWorld CEO Joel Manby told shareholders he was optimistic about the park’s future and its intent to move past its old image.
“We are focusing with particular intensity on efforts to drive growth across our parks,” Manby said, stressing the company was still “intently focusing” on its bottom line. “We believe that our innovative rides and attractions from 2017 are some of the most exciting in our history.”
In Orlando, he pointed to Electric Ocean, a fireworks and music show meant to bring more people to the park during evening hours, and the virtual-reality roller coaster Kraken Unleashed — which opened to passholders Tuesday and is scheduled for a grand opening Friday — on which riders wear headsets covering their ears and eyes.
Another major new attraction is the recently announced Sesame Street land, which is set to open by fall 2022 in Orlando.
Boyd also stressed it was a pivotal time for the park.
“This summer, this year, is the first period where you can say this is fully the work of this management team,” Boyd said. “It’s an important year for this management team.”