15 Jun 2017
SeaWorld shareholders vote to remove chair at annual meeting
BY Tom Anstey
SeaWorld chair David D’Alessandro’s position is under threat after he failed to win a majority of votes for his re-election at the company’s annual meeting.
The effective vote of no confidence comes after SeaWorld announced plans to award shares to some of its executives including D’Alessandro despite the company missing set targets and stocks plummeting in the face of negative PR surrounding the 2013 movie Blackfish.
In a letter to shareholders prior to the meeting, SeaWorld said that D’Alessandro, along with eight other executives, had agreed to forfeit 40 percent of their share payout. The move didn’t help D’Alessandro however, who failed to receive the shareholders' support during the meeting.
According to SeaWorld bylaws D'Alessandro, who was appointed in 2010, is required to offer his resignation, with the board making a decision in the next 90 days over his future.
“SeaWorld’s entire Board of Directors has been intensely focused on building value for shareholders by implementing a well-defined plan of fundamental change,” said SeaWorld in a statement to Attractions Management.
“The Board will continue to proceed in the best interest of shareholders following this year’s Annual Meeting. The Board will determine what action will be taken within the next 90 days.”
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