- Push-out Score determined
- After less than one year in the position
- Thanks and good wishes for Antorcha
- Marc Swanson taking over in the interim
- Search for a successor
- Antorcha kept it short and said 37 words
(exechange) — Orlando, Florida, September 16, 2019 — Gus Antorcha, chief executive of SeaWorld, leaves. As announced by SeaWorld Entertainment Inc. in a news release and in a regulatory filing published on Monday, September 16, 2019, Gustavo (Gus) Antorcha has left his post as Chief Executive Officer at the theme park and entertainment company after less than one year in the role, effective September 13, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange. Around 5% of the CEOs who announced their departure over the past 12 months left their posts within their first year. On an accumulated basis, around 14% left their posts within two years, and 25% left their posts within three years.
The announcement of Gus Antorcha’s move comes three months after Scott Ross took over as Chairman of SeaWorld Entertainment, Inc.
SeaWorld will undertake a search for a successor.
Gus Antorcha’s duties as CEO will be taken over in the interim by Marc G. Swanson, most recently Chief Financial Officer of SeaWorld Entertainment, Inc., as interim Chief Executive Officer.
Elizabeth Castro Gulacsy, who serves as Chief Accounting Officer, has been appointed interim Chief Financial Officer. Gulacsy will retain her role as Chief Accounting Officer.
“I may have a difference of approach”
Gus Antorcha’s departure from the CEO post is explained as follows. Antorcha said: “While I may have a difference of approach, I continue to believe in SeaWorld’s strategy, mission, team and prospects.”
Precise information regarding Gus Antorcha’s future plans was not immediately available.
SeaWorld said: “Mr. Antorcha informed the Company that his resignation was due to disagreements over the Board’s involvement in the decision making at the Company.”
SeaWorld said: “Gustavo Antorcha has resigned from his positions of Chief Executive Officer and member of the Board of Directors.”
SeaWorld further said: “On September 13, 2019, Gustavo Antorcha, Chief Executive Officer of SeaWorld Entertainment, Inc. (“SeaWorld” or the “Company”), informed the Company of his intention to resign from such position with the Company and from any office or directorship at any affiliated entity of SeaWorld and to resign as a member of the Company’s Board of Directors (the “Board”).”
Share price increase since February 2019
The announcement follows an increase in SeaWorld Entertainment, Inc.’s share price of 12% since February 2019.
Chaired by Scott Ross
SeaWorld Entertainment, Inc. is chaired by Scott Ross.
Scott Ross serves as Chairman of the Board of Directors of SeaWorld, a position he has held since July 2019. Ross joined SeaWorld’s Board in 2017. He is the Founder and Managing Partner of Hill Path Capital LP (“Hill Path”) which he founded in 2015. Prior to founding Hill Path, he served as a Partner at Apollo Global Management (“Apollo”), where he was responsible for leading private equity and debt investments in the lodging, leisure, entertainment, consumer and business services sectors. Prior to joining Apollo, Ross worked in various investment roles at Goldman, Sachs & Co. Ross is a Director of Great Wolf Resorts, Inc. and previously served as a director of CEC Entertainment, Inc. (parent company of Chuck E. Cheese’s) and EVERTEC, Inc.
In the position of CEO since 2019
Gus Antorcha became CEO of the Company in February 2019.
Antorcha has agreed to assist the Company to ensure a smooth transition.
Gustavo (Gus) Antorcha has been a director and Chief Executive Officer of the Company since February 2019.
Prior to joining the Company, Antorcha served as Chief Operating Officer of Carnival Cruise Lines, a subsidiary of Carnival Corporation & PLC, the world’s largest leisure travel company.
Antorcha joined Carnival Cruise Lines in 2010 as Senior Vice President Guest Commerce and also served as Senior Vice President Hotel Operations.
Prior to Carnival Cruise Lines, Antorcha was a Partner and Managing Director of The Boston Consulting Group, a global management consulting firm he joined in 1996.
Antorcha received a Master of Business Administration degree from Stanford University and a Bachelor of Arts degree in economics from Duke University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to SeaWorld and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2019 ($).