USA: Joel Manby Steps Down as SeaWorld Entertainment’s President & CEO as Parks Struggle with Attendance

SeaWorld Entertainment, Inc. has just announced that Joel Manby has stepped down from his positions as the company’s President & CEO effective immediately. According to its own statements, the US operating group seeks to restructure its management to draw a new period of growth at its belonging parks and attractions. John T. Reilly, Chief Parks Operations Officer at SeaWorld Entertainment, has taken over the role as interims CEO, the current Chairman of the Board, Yoshikazu Maruyama, has become interim Executive Chairman until a permanent CEO is appointed by the board. Joel Manby has agreed to assist the company to ensure a smooth transition; the Board of Directors has already engaged a leading executive search firm in order to find a new President and CEO.

Furthermore, SeaWorld Entertainment is struggling with declining revenue and attendance figures as 2017 fiscal year results reveal. In the past financial year the group recorded total revenues of around 1.26 billion US Dollar (around one billion Euros) – in 2016, total revenues were up to 1.34 billion US Dollar (approx. 1.1 billion Euros). Also visitor numbers have declined in 2017 by some 5.5 percent compared to the previous year.

With a restructured management team and a total of 15 new rides, attractions and events to be launched at SeaWorld parks in 2018 as well as with large investment in marketing campaigns, SeaWorld Entertainment seeks to reinitiate a phase of further growth. (eap)