Jonquil said:
I fully support this. The whales would die anyway, why not be sustainable?
Goodbye CEO Jim Atchinson
- Thread starter Jrbgwfan06
- Start date
I fully support this. The whales would die anyway, why not be sustainable?
They are only bothered by one thing. People that make them feel like their existence is pointless. Because hey, we are all legends in our own mind.
I say let them out in the wild and strap a GoPro to them and see how long they last.
Plot twist.
Not long.
Plot twist.
Not long.
He gets quite the golden parachute:
*A lump sum payment of $2.4 million
*A lump sum cash payment equal to the value of benefit continuation for 24 months following termination
*Eligibility for continued vesting of 515,406 outstanding stock options
*An annual consulting fee of $440,000 in each of the three years for which Atchison has agreed to act as consultant to the company
*A provision that sees Atchison's consulting fee increased by the amount equal to the cash retainer plus the annual stock award given to board members if he is NOT re-elected to the board at an annual meeting
Now, these types of agreements are common in the case of executive departures.
But for such a controversial company that has had such poor stock performance over the last year, critics are unlikely to be thrilled with these terms.
Source:
http://finance.yahoo.com/news/seaworld-ceo-jim-atchison-211502280.html?.tsrc=applewf
*A lump sum payment of $2.4 million
*A lump sum cash payment equal to the value of benefit continuation for 24 months following termination
*Eligibility for continued vesting of 515,406 outstanding stock options
*An annual consulting fee of $440,000 in each of the three years for which Atchison has agreed to act as consultant to the company
*A provision that sees Atchison's consulting fee increased by the amount equal to the cash retainer plus the annual stock award given to board members if he is NOT re-elected to the board at an annual meeting
Now, these types of agreements are common in the case of executive departures.
But for such a controversial company that has had such poor stock performance over the last year, critics are unlikely to be thrilled with these terms.
Source:
http://finance.yahoo.com/news/seaworld-ceo-jim-atchison-211502280.html?.tsrc=applewf
That's actually a rather low lump sum payment IMO.
The "consulting fee" is fucking hilarious though. I know he's not directly responsible for the fallout of the company, but I don't think the company should be paying for his consultation going forward.
The "consulting fee" is fucking hilarious though. I know he's not directly responsible for the fallout of the company, but I don't think the company should be paying for his consultation going forward.
SeaWorld CEO exit sparks talk of Busch Gardens split
Shares of theme park operator SeaWorld (SEAS) are climbing after research firm FBR Capital suggested that the company could be split into two parts. According to the firm, SeaWorld's stock could eventually be worth about double its present value if the company does decide to pursue a break-up. WHAT'S NEW: After SeaWorld announced last night that its current CEO would step down from the position as of January 15 and be replaced on an interim basis by its chairman, FBR Capital analyst Barton Crockett wrote that a split up of the company "looks compelling." Specifically, SeaWorld could split its SeaWorld parks off from the other parks it owns, including Busch Gardens and Sesame Place, the analyst stated. In such a scenario, the other parks could be seen as an eventual takeover target for theme park operators Six Flags (SIX) and Cedar Fair (FUN), although an acquisition would not take place for two years due to tax issues, Crockett stated. Following a split, truncated SeaWorld should be valued at $4 per share, while the other parks could trade at $12 per share, the analyst stated. However, the spun off SeaWorld shares could eventually rebound to $17 if its initiatives to revitalize its weak attendance bear fruit or if it turns itself into a REIT, Crockett stated. Under the scenario outlined by Crockett, SeaWorld's stock, currently trading at about $16.60, could be worth $29. Additionally, split off SeaWorld could be taken private a few years later at a 30% premium, Crockett believes. While the analyst does not think the board wants to split the company, he says that the CEO vacancy could spark greater interest in the idea among investors, or CEO candidates could embrace the concept. Crockett kept a $20 price target and Outperform rating on SeaWorld. WHAT'S NOTABLE: SeaWorld's CEO change is likely to be viewed positively by investors, given the challenges faced by the company, Wells Fargo analyst Timothy Conder wrote in his own note to investors today. However, the analyst thinks the company lacks fundamental catalysts through the first half of next year and is facing difficult comparisons. He kept a Market Perform rating on the shares. PRICE ACTION: In early trading, SeaWorld fell 4c, or 0.25%, to $16.06
Source:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109010928
Shares of theme park operator SeaWorld (SEAS) are climbing after research firm FBR Capital suggested that the company could be split into two parts. According to the firm, SeaWorld's stock could eventually be worth about double its present value if the company does decide to pursue a break-up. WHAT'S NEW: After SeaWorld announced last night that its current CEO would step down from the position as of January 15 and be replaced on an interim basis by its chairman, FBR Capital analyst Barton Crockett wrote that a split up of the company "looks compelling." Specifically, SeaWorld could split its SeaWorld parks off from the other parks it owns, including Busch Gardens and Sesame Place, the analyst stated. In such a scenario, the other parks could be seen as an eventual takeover target for theme park operators Six Flags (SIX) and Cedar Fair (FUN), although an acquisition would not take place for two years due to tax issues, Crockett stated. Following a split, truncated SeaWorld should be valued at $4 per share, while the other parks could trade at $12 per share, the analyst stated. However, the spun off SeaWorld shares could eventually rebound to $17 if its initiatives to revitalize its weak attendance bear fruit or if it turns itself into a REIT, Crockett stated. Under the scenario outlined by Crockett, SeaWorld's stock, currently trading at about $16.60, could be worth $29. Additionally, split off SeaWorld could be taken private a few years later at a 30% premium, Crockett believes. While the analyst does not think the board wants to split the company, he says that the CEO vacancy could spark greater interest in the idea among investors, or CEO candidates could embrace the concept. Crockett kept a $20 price target and Outperform rating on SeaWorld. WHAT'S NOTABLE: SeaWorld's CEO change is likely to be viewed positively by investors, given the challenges faced by the company, Wells Fargo analyst Timothy Conder wrote in his own note to investors today. However, the analyst thinks the company lacks fundamental catalysts through the first half of next year and is facing difficult comparisons. He kept a Market Perform rating on the shares. PRICE ACTION: In early trading, SeaWorld fell 4c, or 0.25%, to $16.06
Source:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109010928
Just a day after this news, it's now known SEAS has layed-off somewhere around 300 workers today. http://finance.yahoo.com/news/seaworld-laying-off-more-300-234108669.html?.tsrc=applewf
Can't wait to see what the number is for seasonal workers who didn't get hired thanks to these budget cuts, park only and chain wide.
New Chief Parks Operations Officer named on Friday. Below info is from their SEC filing of the event.
On February 6, 2015, SeaWorld Entertainment, Inc. (the “Company”) announced that Daniel B. Brown has been appointed Chief Parks Operations Officer of the Company, effective immediately. In this role, Mr. Brown now has operational oversight over all of the Company’s theme parks.
Mr. Brown, age 60, has been the Chief Operating Officer – SeaWorld & Discovery Cove since 2010. Prior to that, Mr. Brown served as Park President of SeaWorld Orlando, Discovery Cove and Aquatica from 2007 to 2010, Park President of Busch Gardens Tampa and Adventure Island from 2003 to 2007, Park President of Busch Gardens Williamsburg from 1999 to 2003, and Vice President of Operations of Busch Entertainment Corporation from 1997 to 1999. Mr. Brown serves on the Dean’s Advisory Board of UCF’s Rosen College of Hospitality Management, the executive board of Visit Orlando, the board of the Hubbs-SeaWorld Research Institute and the Orange County International Drive Community Development Area Advisory Committee.
Per above he was VP of OPS at BGW from '99 to '03. So at least he knows the park. This seems like it should be a good thing. Anyone know anything about him?
On February 6, 2015, SeaWorld Entertainment, Inc. (the “Company”) announced that Daniel B. Brown has been appointed Chief Parks Operations Officer of the Company, effective immediately. In this role, Mr. Brown now has operational oversight over all of the Company’s theme parks.
Mr. Brown, age 60, has been the Chief Operating Officer – SeaWorld & Discovery Cove since 2010. Prior to that, Mr. Brown served as Park President of SeaWorld Orlando, Discovery Cove and Aquatica from 2007 to 2010, Park President of Busch Gardens Tampa and Adventure Island from 2003 to 2007, Park President of Busch Gardens Williamsburg from 1999 to 2003, and Vice President of Operations of Busch Entertainment Corporation from 1997 to 1999. Mr. Brown serves on the Dean’s Advisory Board of UCF’s Rosen College of Hospitality Management, the executive board of Visit Orlando, the board of the Hubbs-SeaWorld Research Institute and the Orange County International Drive Community Development Area Advisory Committee.
Per above he was VP of OPS at BGW from '99 to '03. So at least he knows the park. This seems like it should be a good thing. Anyone know anything about him?
Just pray that he'll turn this sinking ship back to shore instead of proceeding towards the storm.
He worked at BGW with Ireland, Apollo's Chariot, Jack Hanna's Wild Reserve, and was part of the First year of Howl-O-Scream. This guy has done some fantastic things for our park, now I give my highest hopes he can do the same wonders for SWP&E.
Alf33 said:
He was Park President, that isn't the same as VP of Ops. Those are two different positions. Just like how Mark Pauls is VP of Park Ops now and Carl Lum is Park President. Two different things. He was VP of Ops for the entire company at one point.
Either way he sounds like he can do some good, but wasn't Jim Atchison a Park President of BGW at one point? I don't think just because of their previous title we can assume they will do any good. However, I hope he does excellent.
It will be interesting to see if he cleans house. That is usually a good indication of who is really in control. Sometimes the Board of a company is really in control and the president is just a figurehead. That often is the case when a powerful president does a very bad job. Consider RJR/ Nabisco in the 80s during the leverage buy out debacle. (Read "Barbarians At the Gate" by Bryan Burrough.) While these two scenarios could not be further apart, they both represent 2 corporations with powerful presidents and murky economic times. (In the case of RJR, the stock just would not budge, and that is never good for shareholders) I digress.
In these times of uncertainty, (I sound like a 1950s PSA) sometimes the board can put a stuff shirt of their making on the "throne." If they were already behind the 2nd tier managers, VPs and so forth, they will likely not get the axe.
I should be interesting to watch.
In these times of uncertainty, (I sound like a 1950s PSA) sometimes the board can put a stuff shirt of their making on the "throne." If they were already behind the 2nd tier managers, VPs and so forth, they will likely not get the axe.
I should be interesting to watch.