SeaWorld CEO James Atchison To Resign

(RTTNews) - SeaWorld Entertainment, Inc. (SEAS) said Thirsday that James Atchison will resign from his role as Chief Executive Officer and President of the Company, effective January 15, 2015.

The company also said that, effective January 15, 2015, Chairman David D'Alessandro will serve as the company's interim CEO until the Board of Directors selects a permanent successor to Atchison, who will become Vice Chairman of the Board. D'Alessandro, who has been Chairman of the company's Board since 2010, will continue in that position.

In addition, Atchison will serve as a consultant to the company with respect to international expansion and the company's conservation initiatives.

The company said its board, which expects to complete the search in six to nine months, has engaged a leading executive search firm to assist in the search for Atchison's successor.

In addition, the SeaWorld board has appointed two new independent directors, Ellen Tauscher, a strategic advisor at the law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC who previously served as a Member of Congress and as an Under Secretary of the U.S. Department of State, and William Gray, the former Co-Chief Executive Officer of Ogilvy North America of Ogilvy & Mather Inc. Their appointments are effective immediately.

Additionally, the company said it continues to advance its previously announced company-wide cost initiative, including its plan to deliver about $50 million of annual cost savings by the end of 2015. As part of that plan, the company also announced today a restructuring program across its entire 11-park enterprise. The move will centralize some operations, reduce duplication of functions and increase efficiencies and accelerate execution. The restructuring will result in the loss of some positions, the company said.