New SEAS CEO (Gus Antorcha) Jumps Ship

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Feb 3, 2019
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He had only been there since mid-February and he was the result of a seemingly-eternal CEO search. This paired with all of the park executive level resignations over the last few months really has to make you wonder what the fuck is happening at corporate right now...
Are the birdies chirping about anything?
 
Feb 3, 2019
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Beyond aggressive cuts and tightening shoe strings everywhere, no. This is all above my pay grade. 😋
Also thanks for updating my titles to something much more clever.. I see these news items and I'm more focused on getting the info out there than I am coming up with a great title.
 
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ˁ˚ᴥ˚ˀ

Level 65 Rumor Bear
Aug 23, 2017
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Any indicator of what is going on at that level might as well be top secret government classified. If you talk about those things you can be liable for insider trading accusations, as well as damages if what you say causes the stock to tank. Clearly, at the very least there are some disagreements happening at the top though..
 
Mar 9, 2010
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In the press release, Gus is quoted as saying he has a difference of approach. Any one ever wonder that stock holders have too much weight on the board, so when executives make decisions, it gets over ruled?? Just to me, the significance of the cuts are alarming considering the turn around in the business.
 
Feb 3, 2019
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Hillpath Capital owns 34% of seas at this point; so I imagine they have a massive influence on decisions in the company.
 
Apr 5, 2011
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I've brought this up before, but a similar thing is happening in other entertainment industries where stock holders are for reducing the fun of a product in favor for maximum possible profit.

Stockholders in the games industry want companies to make core games less fun and adopt predatory micro transactions that are designed to set off a gambling trigger in the game while making the game more enjoyable. The result is a bad game that makes more money.

I see the same thing happening to the theme park industry where an entertaining product is made less entertaining to make a small group of people happier.
 
Sep 24, 2018
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From what I have been told it is largely due to disagreements between Gus and Scott Ross who is the Chairman of the board and the main representative for Hillpath capital.
 
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Sep 24, 2018
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Double post just to add that from what I understand is that Scott is considerably more active in the day to day operations than a typical chairman of the board. So it's likely that when Gus took the position he thought he would be operating more independently of the board than he was.

Edit: This is basically what they acknowledged. Here is a quote from an article about Gus resigning. The article is linked below


Screenshot_20190916-181158.png

 
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Feb 3, 2019
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I've never understood that. If a chairman is going to be that involved, why have a separate CEO.

What are the odds on Scott becoming the new CEO?
 
Sep 24, 2018
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I've never understood that. If a chairman is going to be that involved, why have a separate CEO.

What are the odds on Scott becoming the new CEO?
I think unlikely because then he would have to leave Hillpath capital and then would no longer be one of their representatives on the board
 
Feb 3, 2019
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It's not unheard of the the chairman of the board and CEO to be the same person. Elon Musk did it for a long time with Tesla before he got in trouble with the SEC for his mouth.
 
Feb 3, 2019
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All that aside; I think we would be naive to not consider the call center closure and the resignation to be related.

Don't know it for a fact, but it would not surprise me if Gus wanted to keep the domestic call center open and the board wanted to go full on outsourced.

Board overrules Gus and closes the call center this morning. Gus realized he doesn't control the company and offers his resignation this afternoon.

^ pure speculation but is based on what we know.
 
Sep 24, 2018
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It's not unheard of the the chairman of the board and CEO to be the same person. Elon Musk did it for a long time with Tesla before he got in trouble with the SEC for his mouth.
Yes but Scott is only Chairman of the board because of his role at Hillpath and them being SEAS largest shareholder. Elon can be chairman of the board and CEO because he actually owns those shares. Scott doesn't actually own those shares. The company he works for does. So if he wanted to be CEO then he would have to leave his role at Hillpath which would mean they would want someone else to have his board seat.
 
Sep 24, 2018
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All that aside; I think we would be naive to not consider the call center closure and the resignation to be related.

Don't know it for a fact, but it would not surprise me if Gus wanted to keep the domestic call center open and the board wanted to go full on outsourced.

Board overrules Gus and closes the call center this morning. Gus realized he doesn't control the company and offers his resignation this afternoon.

^ pure speculation but is based on what we know.
I actually think it is coincidence from what I've been able to gather they have been slowly moving some operations to outside call centers and reducing the staff in Orlando for some time.
 
Mar 9, 2010
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Thanks for posting that @BGWnut. I completely over looked that snippet of detail. This really highlights that most of the budget cuts at the company are coming from the investor, and not the execs themselves. It is an honest shame, because SEA's has an amazing product. It's just being squandered to its highest bidder.
 
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