SeaWorld Entertainment Inc (NYSE:SEAS) is replacing its CEO as its attendance continues to fall.
SeaWorld Entertainment Inc says that President and CEO Joel Manby is stepping down as the company’s head. Taking over his position is current Chief Parks Operations Officer John Reilly. Yoshikazu Maruyama, the Chairman of the Board, is taking over as Executive Chairman of the Board.
The new positions being taken up by Reilly and Maruyama are only temporary. SeaWorld Entertainment Inc is working with a executive search firm to help it find a permanent successor to Manby, whose resignation is effective immediately. Manby will be assisting the company to assure a smooth transition to its next CEO.
Manby’s resignation comes at the same time as SeaWorld Entertainment Inc’s earnings report for the fourth quarter of 2017. In this earnings report, the company notes that attendance is down 2.7% from the same time last year. Attendance for the full year of 2017 was down 5.5% from 2016.
SeaWorld Entertainment Inc’s most recent earnings report also includes losses per share of 24 cents. This is a wider loss than the 14 cents that was reported in the fourth quarter of 2016. It also missed Wall Street’s losses per share estimate of 19 cents for the period.
Revenue reported by SeaWorld Entertainment Inc for the fourth quarter of 2017 was $265.51 million. This is a drop from its revenue of $267.60 million from the same period of the year prior. However, it still came in above analysts’ revenue estimate of $260.66 million for the quarter.
SEAS stock was down 1% as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.