Shareholder revolt could oust SeaWorld board chairman
SeaWorld Entertainment Inc. chairman David D’Alessandro could be ousted after reportedly failing to get re-elected by shareholders.
He was voted down in a protest over a bonus incentive payout, according to people familiar with the matter.
Under company rules, D’Alessandro is required to tender his resignation and SeaWorld ‘will determine what action will be taken within the next 90 days.’
He had been chairman since 2010 and presided over the damaging ‘Blackfish’ media and consumer backlash and subsequent boardroom upheaval resulting from that.
Other executives including CEO Joel Manby were returned with majority votes.
"SeaWorld’s entire Board of Directors has been intensely focused on building value for shareholders by implementing a well-defined plan of fundamental change," the company said.
The shareholder mutiny stemmed from SeaWorld’s announcement to pay certain executive bonuses tied to financial targets that it never actually reached.
The further impending upheaval didn’t worry the markets as SeaWorld shares were up nearly 7%.
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