News SeaWorld CEO Joel Manby Steps Down

[Coaster Takes]

On February 27th, 2018 the Seaworld CEO Joel Manby steps down from the position. After Quarter 4 was deemed successful compared to the first 3 quarters, Manby stepped down. He was hired in 2015 as an outsider who Seaworld hoped would bring stability to the company. He got rid of shows using Orca’s due to an increase in critics going against said shows. John T. Reilly, previous Busch Gardens Williamsburg Park President, has been issued as the interim CEO of Seaworld. Seaworld Chairman Yoshikazu Maruyama has been moved to Executive Chairman during this leadership change period. He will be moved back to his previous position once a permanent CEO has been appointed.


Source: https://www.usatoday.com/story/money/2018/02/27/seaworld-ceo-joel-manby/376136002/

 

[Shane]

I wish Joel Manby luck. He was tasked with steering probably the most difficult ship in the industry. I think everyone hoped with his great success at growing Herschend Family Entertainment that he could turn SEAS around.

John Reilly has been with Busch Entertainment & SeaWorld Parks since 1985 when he was a teenager starting out as a popcorn vendor at the age of 16 and has committed his life's work to the SeaWorld, Busch Gardens brand. I wish Mr. Reilly great success even if it is just a temporary position.

 

[Pretzel Kaiser]

On February 27th, 2018 the Seaworld CEO Joel Manby steps down from the position. After Quarter 4 was deemed successful compared to the first 3 quarters, Manby stepped down. He was hired in 2015 as an outsider who Seaworld hoped would bring stability to the company. He got rid of shows using Orca’s due to an increase in critics going against said shows. John T. Reilly, previous Busch Gardens Williamsburg Park President, has been issued as the interim CEO of Seaworld. Seaworld Chairman Yoshikazu Maruyama has been moved to Executive Chairman during this leadership change period. He will be moved back to his previous position once a permanent CEO has been appointed.

Can we get an article or source with this?

 

[acrossdapark]

This is a step in the right direction. Manby while tasked with a tough job wasn't equipped to meet the crisis that enveloped SEAS over the Ocras and Blackfish. No pun intended but he was a fish out of water.

I've known John from many years working at BGW, he started there in high school and was head of Food Services at the time I started. He is dedicated to SEAS that's for sure and very knowledgeable.

Whoever they pick permanently will have another tough ride ahead.

https://www.usatoday.com/story/money/2018/02/27/seaworld-ceo-joel-manby/376136002/


EDIT: SEAS posted a 24 cent per share loss just prior to the CEO stepping down, https://finance.yahoo.com/news/seaworld-seas-lags-q4-earnings-134101282.html

 

[Lord Robert]

Joel Manby steered a very uncertain ship and did the best he could given the situations. I wonder who the next CEO might possibly be since John Riley is only temporary.

 

[Coaster Takes]

Joel Manby steered a very uncertain ship and did the best he could given the situations. I wonder who the next CEO might possibly be since John Riley is only temporary.

Just because John’s a temp doesn’t mean he can’t be the permanent. If he does well in the CEO position there’s a good chance they’ll keep him there.

 

[Nicole]

Do you have a specific reason to believe that?

 

[Coaster Takes]

It’s simple business administration. Having a temp fully take over said position is quite common. Reilly has done good work in the past. If he does a fantastic job as the interim CEO there’s no reason why Seaworld should take him out of his place.

 

[Zimmy]

I beg to differ. First of all there has never been, currently is not, nor likely will there every be, "simple business administration." Personally I have never seen any data that indicates that temp presidents or CEOs are more likely to become permanent that none.

It has been my observation that boards often use one of there members as a temp CEO while they look for a final best case. Often these people are already CEOs or Presidents of another company and have no desire to become full time for another board. Further a board may be looking for a very specific trait. In the case of Seas, It would be what the board wants for the future. If they have decided to continue to exist I would hope they are looking for someone who first and foremost has a history of saving entertainment companies from the brink. They may have other plans in mind, or they may not have decided what to do, so they just want someone who will not do more damage.

Either way it is foolish in the extreme to declare that any person who does not sit on the board "Knows," what the disposition of any CEO will be.

 

[VonDerrick]

Why does there have to be a specific reason? It isn't ludicrous to think John may stay permanently. It is a possibility.

On the other side though, I don't see it likely to happen.

 

[Coaster Takes]

I beg to differ. First of all there has never been, currently is not, nor likely will there every be, "simple business administration." Personally I have never seen any data that indicates that temp presidents or CEOs are more likely to become permanent that none.

It has been my observation that boards often use one of there members as a temp CEO while they look for a final best case. Often these people are already CEOs or Presidents of another company and have no desire to become full time for another board. Further a board may be looking for a very specific trait. In the case of Seas, It would be what the board wants for the future. If they have decided to continue to exist I would hope they are looking for someone who first and foremost has a history of saving entertainment companies from the brink. They may have other plans in mind, or they may not have decided what to do, so they just want someone who will not do more damage.

Either way it is foolish in the extreme to declare that any person who does not sit on the board "Knows," what the disposition of any CEO will be.

Who said I “knew”. All I said that he’s a likely candidate due to his past performance in the company.

 

[Nicole]

You asserted it as a fact rather than an opinion or hypothesis. I believe people far too often fail to characterize either their confidence levels or their sources, which is misleading and intellectually dishonest.

 

[Merboy]

Would a meme involving Gandalf pointing out that Denethor is merely the steward of Gondor help at this point?

 

[CastleOSullivan]

I have always thought that John Reilly had strong potential for being the (full-time) CEO, but at this point, I wouldn't wish that job on anybody. He has proven very strong at leading the company in San Diego. I don't know if another third party hire like Joel Manby would be the right answer at this point.

In my opinion, Joel Manby showed that we need someone with prior knowledge of SeaWorld, but it's hard to know if any of the current staff would be up to the task.

 

[Shane]

I have always thought that John Reilly had strong potential for being the (full-time) CEO, but at this point, I wouldn't wish that job on anybody. He has proven very strong at leading the company in San Diego. I don't know if another third party hire like Joel Manby would be the right answer at this point.

If SeaWorld was a healthy and thriving company I would wholeheartedly agree with that statement.

 

[Zachary]

In my opinion, Joel Manby showed that we need someone with prior knowledge of SeaWorld, but it's hard to know if any of the current staff would be up to the task.

I honestly think that Joel Manby leaving may be more of an indicator to suggest that no one can really successfully turn the chain around from the helm. Manby was sorta as good as they come in my honest opinion. I don't know that I think he actually did anything I'd consider to be wrong during his time with the chain yet we see where that has gotten us.

I worry we are simply past the point where correcting SEAS' brand perception is possible—I worry there is already too much water in the hull of the ship for a correction to be feasible.

 

[Zimmy]

My fear is that Seas is way past branding and marketing. The debt load even with the good will this last quarter is just unmanageable. I kinda feel that even if the public turned a 180, that it would be too little too late, unless that shift brought in regained enthusiasm from an external investor, who then in turn artificially raised stock price buy buying shares, and if they did something useful with the capital like retire debt.

 

[acrossdapark]

It's been suggested in several articles that

A. The parks change their name and re brand and go in a different direction animal wise. (I don't see this working because of their balance sheets don't support such a massive capital undertaking)

B. Begin the process of selling the company in part or in whole. It's cropped back up again that Merlin the second largest theme park and attractions operator in the world with around 65M visitors a year should be the first prospect in this transitional phase. They just can no longer compete and survive alone.

Which ever path they take, they cannot get out of the shadows of Blackfish on their own. Even PETA has bought the minimum required shares in SEAS to introduce board/shareholder resolutions.

 

[Zimmy]

It's been suggested in several articles that

A. The parks change their name and re brand and go in a different direction animal wise. (I don't see this working because of their balance sheets don't support such a massive capital undertaking)

B. Begin the process of selling the company in part or in whole. It's cropped back up again that Merlin the second largest theme park and attractions operator in the world with around 65M visitors a year should be the first prospect in this transitional phase. They just can no longer compete and survive alone.

Which ever path they take, they cannot get out of the shadows of Blackfish on their own. Even PETA has bought the minimum required shares in SEAS to introduce board/shareholder resolutions.

Do you happen to have a reference for the PETA data? I am rather curious...

 

[CastleOSullivan]

While I think it would be unfair to blame any individual person for SeaWorld's current dilemma; I sadly still see Joel Manby's critical decisions as the main cause of the companies recent problems, especially as far as fans are concerned. He was an outsider to the company with little prior knowledge of zoos or aquariums, and he allowed the loudest protesters to win as if they stood for what the majority of people truly think about the company.

It is hard to know whether or not he made the right decision on discontinuing the breeding of killer whales and theatrical dolphin shows, but I don't know any fans or potential buyers that prefer that outcome. The way I see it, the loudest protesters were mostly uninterested parties. Their job was to complain until SeaWorld gave in, but those same people would never have visited the park anyway. I can't see those changes helping in the long-run.

Look at the "new model" shows versus the former
"theatrical" shows. The latter can be quite boring, varying by performance. I can see how Orca Encounter can survive short-term.
Dolphin Days, on the other hand, just looks like a very lazy,
last-minute attempt at following through with their new promises.

I don't think anyone already employed by SeaWorld would have done what Joel Manby did. I just wonder if it would have been better to prioritize the people that actually do/will visit the parks, versus pandering to an audience that, by their very nature, would never visit the parks. Overall, I hope Joel Manby finds another, better calling, and that we find more positive results soon.