Turbulent SEAS

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Zimmy

Nessie wants you to look into yourself
Sep 28, 2013
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This is just another reason I am bearish on the Seas stock. If there is one thing that history bears (see what I did there) out it's that it abhors uncertainty. Also the zoo cuts several weeks ago were clearly a harbinger of things to come.

When leadership seems to be in a constant state of flux and your major investors are... unreliable... it does not spell good things for the future.
 

Zachary

𝓡oyal 𝓜ango 𝓒réme Frappuccino Survivor
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I renamed this thread to make it a more general catch-all for the continued management shuffles that seem to be taking place at SEAS right now.

I hope these people who are jumping ship don't know about an iceberg in the water somewhere in the near future...

According to the recent investor notes SEAS published, John Reilly gave up half a million dollars in SEAS stock by leaving when he did...

Special Interim Chief Executive Officer Award
On March 2, 2018, the Compensation Committee approved a one-time award of restricted stock units for Mr. Reilly with a grant date fair value of $500,000 in connection with his appointment as Interim Chief Executive Officer. The award was intended to vest in full on the third anniversary of the grant date subject to his continued employment with us. This award was forfeited upon Mr. Reilly’s resignation in March of 2019.
 
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Zimmy

Nessie wants you to look into yourself
Sep 28, 2013
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Time to put on my properly shielded and bonded copper foil hat...

<insert mouth breathing>

That sounds like he was guilty of something REALLY terrible and fessed up to it before it went public. Makes we wonder if the SEC was about to bring the hammer but agreed to not if he left, quickly. Certainly not unprecedented in corporate America.
 
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Mar 16, 2016
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Time to put on my properly shielded and bonded copper foil hat...

<insert mouth breathing>

That sounds like he was guilty of something REALLY terrible and fessed up to it before it went public. Makes we wonder if the SEC was about to bring the hammer but agreed to not if he left, quickly. Certainly not unprecedented in corporate America.
Putting mine on....this along with the falling through of the deal with the Chinese company, and I think one of the two sides was caught lying about the deal with either the valuation o what they had to back their offer.
 

Zachary

𝓡oyal 𝓜ango 𝓒réme Frappuccino Survivor
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That sounds like he was guilty of something REALLY terrible and fessed up to it before it went public. Makes we wonder if the SEC was about to bring the hammer but agreed to not if he left, quickly. Certainly not unprecedented in corporate America.
Assuming you're talking about Reilly here, that seems really unlikely. The notes state that the company asked him to stay on in his previous COO position after they brought in the new CEO. There were what, 15 days between SEAS naming their new CEO and Reilly turning in his letter of resignation?

Maybe it's all just happenstance, but to me the intriguing part is how many positions of power in the company have been vacated in the last year, not any one specific departure. The churn seems to be monumental.
 
Sep 24, 2018
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As I understand Manby had always been clear to the board that he never intended to renew his contract. He was always planning on only being here for 3 years. The board had simply hoped they could convince him.

Reilly makes sense in that he didn't want to step back down from being the CEO and I can't really blame him.

Mark Pauls is the one that really surprised me. My guess would be that he got a job offer somewhere else that he just couldn't turn down.
 
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GrandpaD

Grumpy Ol' Man
Aug 3, 2017
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If I were Reilly, I'd have walked. Much of the recent growth happened under his watch and I assume most of the new attractions coming in the next few years bear his stamp of approval. And yet SEAS decided they wanted another leader. Speaking from experience, it's a difficult situation to become second banana after you've lead the bunch.

In regards to Pauls, as well as Reilly, you usually don't make a move unless you already have a place to land. In both cases, I wonder if there were non-compete clauses in their contacts; preventing them from joining a direct competitor for a certain period of time.
 
Mar 16, 2016
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In regards to Pauls, as well as Reilly, you usually don't make a move unless you already have a place to land. In both cases, I wonder if there were non-compete clauses in their contacts; preventing them from joining a direct competitor for a certain period of time.
I’d be confident in saying they do even without seeing anything. Last thing SEAS would want is them landing at another park and being able to green light a similar project much faster or open at the same time and steal some of SEAS spotlight.
 
Sep 24, 2018
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I’d be confident in saying they do even without seeing anything. Last thing SEAS would want is them landing at another park and being able to green light a similar project much faster or open at the same time and steal some of SEAS spotlight.
Even if there is a non compete clause there are still laws that prohibit you from using your knowledge of your previous employers plans to your benefit at a new position
 
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