- Push-out Score determined
- After less than five months in the position
- Marc Swanson taking over in the interim
(exechange) — Orlando, Florida, April 6, 2020 — Serge Rivera, chief executive of SeaWorld, leaves. As announced by SeaWorld Entertainment Inc. in a news release and in a regulatory filing published on Monday, April 6, 2020, Sergio D. (Serge) Rivera has left his post as chief executive officer at the theme park and entertainment company after less than five months in the role, effective April 4, 2020.
The announcement of Serge Rivera’s move comes nine months after Scott Ross took over as Chairman of SeaWorld Entertainment, Inc.
Serge Rivera’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.
Serge Rivera’s move forms part of a management shake-up also involving the position of Chief Operating Officer.
“Disagreements”
The management change is explained as follows. SeaWorld said: “Mr. Rivera informed the Company that his resignation was due to disagreements over the Board’s involvement in the decision making at the Company.”
Precise information regarding Serge Rivera’s future plans was not immediately available.
“Resigned”
SeaWorld said: “Serge Rivera has resigned from his positions of Chief Executive Officer and member of the Board of Directors.”
SeaWorld further said: “On April 2, 2020, Sergio D. Rivera, 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 decline
The announcement follows a decline in SeaWorld Entertainment Inc.’s share price of 66% since November 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.
In the position of CEO since 2019
Serge Rivera became CEO of the Company in 2019.
Rivera ceased to serve as Chief Executive Officer effective as of April 4, 2020, and his resignation from the Board was effective as of the same date.
The Board approved a decrease in the number of directors constituting the full Board from nine to eight, effective upon Rivera’s resignation.
On November 7, 2019, SeaWorld Entertainment, Inc. announced that the Board of Directors of the Company appointed Sergio D. Rivera to serve as Chief Executive Officer of the Company.
Prior to joining the Company, Rivera served as President of Ocean Reef Club, a leading private residential club, from February 2019 until May 2019.
From 2016 to September 2018, Rivera served as the Chief Executive Officer and President of the Vacation Ownership segment of ILG, Inc., a hospitality and leisure services company.
Rivera is also the former President of The Americas for Starwood Hotels & Resorts Worldwide, Inc., a hotel and leisure company, a position he held from 2012 to 2016, and Chief Executive Officer and President of Starwood Vacation Ownership, Inc., formerly a wholly-owned subsidiary of Starwood Hotels & Resorts Worldwide, Inc., a position he held from 2007 to 2016.
Rivera served in a variety of capacities with Starwood Hotels & Resorts Worldwide, Inc. since 1998.
Rivera serves as a director of Welltower, Inc. and formerly served as a director of ILG, Inc.
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.
Read the full story in the exechange report 15.2020 ($).