http://finance.yahoo.com/news/seaworld-entertainment-inc-names-joel-200000235.html
This is somewhat surprising and potentially concerning news. Joel supposedly spent a lot of time with Jack and Pete learning the "heart" of SDC operations and philosophy. He will not be easy to replace, and the next CEO could swing the company in a different direction...
I guess you could say it's huge news for SEAS, he's over All their parks now. Let's see if he moves SeaWorld and Busch Gardens into on site resorts, So much for them selling off the parks, this is a move to grow. SEAS has also expressed interest in other ventures. I wonder if they explore something like Merlin's combos of Sealife and Lego centers, with their own Aquarium and something based on the Sesame St. IP.
ORLANDO, Fla., March 19, 2015 /PRNewswire/ -- SeaWorld Entertainment, Inc. (SEAS), a leading theme park and entertainment company, today announced that its Board of Directors has appointed Joel Manby as President and Chief Executive Officer, effective April 7, 2015. At that time, Manby, 55, will also join the Company's Board of Directors. David F. D'Alessandro, who has served as interim CEO, will continue to serve as the Company's Chairman.
"The Board of Directors has completed an extensive search process and we are extremely pleased to welcome Joel Manby to SeaWorld Entertainment. Joel has nearly 20 years' experience and a proven track record with business models very similar to ours – multiple brands and multiple properties in the entertainment and theme park industries," said D'Alessandro. "Even in the most challenging business environments, Joel has consistently enhanced the performance of the companies he has led for customers, investors and employees alike. He has the experience and qualifications to lead our Company into the future."
Most recently, Manby has served as President and Chief Executive Officer of Herschend Enterprises, the largest family-owned theme park and entertainment company in the United States. While at Herschend, he has consistently driven profitable growth, expanding the company from six to 26 properties while more than doubling annual EBITDA and net cash flow. Herschend reports annual attendance of more than 14 million across its companies.
"I am honored to be selected as SeaWorld Entertainment's new CEO. This Company has tremendous brands, and for more than 50 years, families have come to our parks to learn about animals, have fun and be entertained," Manby said. "We are known for our exceptional operations and world-class animal care. My job is to build on that foundation while consistently improving and innovating in a competitive environment. I look forward to working with our more than 23,000 team members through the challenges ahead."
Before joining Herschend, Mr. Manby spent 20 years in the auto industry. From 1996-2000, he served as CEO of Saab Automobile USA, where he increased the company's sales by over 60 percent and improved its J.D. Power Quality Rating from 30th to fifth in the industry. Prior to joining Saab, Mr. Manby held various roles at GM, and was a member of the start-up team for Saturn Corporation, where he was instrumental in launching Saturn's innovative marketing and distribution strategy.
Mr. Manby was the valedictorian of Albion College, where he was a Rhodes scholarship finalist, and he earned an MBA from Harvard Business School. He serves on the boards of several companies and organizations, including Popeyes Louisiana Kitchen, Inc. and the National Advisory Board of the Salvation Army. Mr. Manby is married and has four daughters.
With Herschend being private, I wonder if he'll make a push to buy out Herchend after he has established himself there and righted the ship.
We saw Herchend go into management of other park that they didn't own, with Darien Lake and Elitch only to see that fade away last year, I wonder if he wanted to grow HFC more and met resistance.
Big news. Let's hope the next commander at Herschend Entertainment will have a sense of what the company is about, and will keep thinks profitable. I know Jack and Pete will work with their team to find the best person available. I wish Joel well in his new job, he did great work with the Herschend family. Cross your fingers for a good replacement.
Quote from: Junior, too! on March 19, 2015, 05:17:38 PM
Big news. Let's hope the next commander at Herschend Entertainment will have a sense of what the company is about, and will keep thinks profitable. I know Jack and Pete will work with their team to find the best person available. I wish Joel well in his new job, he did great work with the Herschend family. Cross your fingers for a good replacement.
I'm really interested in this. I bought some SEAS stock when it was getting hammered.
Maybe a new person will bring back the basics. I just didn't feel like I was in SDC, this morning. I say we invoke the ghost of Mary Herschend for the job.
Quote from: History Buff on March 19, 2015, 05:59:10 PM
Maybe a new person will bring back the basics. I just didn't feel like I was in SDC, this morning. I say we invoke the ghost of Mary Herschend for the job.
As much as I would like to hope you are right it is not going to happen. HFE is a corporation. Corporations are there for one purpose only. To make as much money as possible. The turn has been made. It is not the same place. They will not accountable to us but accountable to the Board.
If you don't see a possible hostile takeover of HFEC by SEAS in the not so distant future, you're not playing along at home.
I'm not well versed in business, but I'm not sure how a "hostile" take-over of a private company in a partitioned market would work. SEAS has a huge amount of trouble to sort out right now. After a few years, maybe it will be HFEC making a bid on SEAS. It all depends on who's in place on either side by then.
It is tough to wrap my head around this though. HFEC is in such a delicate place right now. The company has expanded so much over the past decade, and is set to keep churning forward into the foreseeable future. For all the faults that we've griped about from HFEC corporate, Manby did a pretty good job of keeping the "spirit" of the company alive while at the same time doubling it in size.
The next CEO could make or break them. Seriously, if there ends up being an internal power struggle or just a bad vision from the next leader, all this investment will go nowhere. It will be so tough to find someone like Manby...
Could they promote from within? I wonder if any of the regional managers will have a shot...
By the way, here is that excellent article from last year that talks about Manby and the Herschends:
www.forbes.com/sites/abrambrown/2014/05/07/the-wild-ride-of-the-herschends-when-amusement-parks-are-the-family-business/
That really drives home what a big deal Manby was.
Quote from: Runner1960 on March 19, 2015, 06:57:08 PM
Quote from: History Buff on March 19, 2015, 05:59:10 PM
Maybe a new person will bring back the basics. I just didn't feel like I was in SDC, this morning. I say we invoke the ghost of Mary Herschend for the job.
As much as I would like to hope you are right it is not going to happen. HFE is a corporation. Corporations are there for one purpose only. To make as much money as possible. The turn has been made. It is not the same place. They will not accountable to us but accountable to the Board.
It's not that simple, HFEC is a privately owned corporation. I have no idea what the ownership split is these days, and the Herschends bros are in their eighties, but still... different situation. The people that own the company want to make money and they certainly are, but they have certain overriding priorities about how they do business. Who knows what parts of the company will change hands in the near future though...
A few years ago I quoted here an old SDC friend who was a career man. About a year before he retired I asked him how things were going on park. He said each year there was less SDC and more corporation. I am glad I won't be around for the centennial of the park...if they have one. Right now there is still enough of the magic of the old days left for me to still enjoy the park. I dread the passing of Jack and Pete. I think giant changes could happen then.
A hostile would be hard as there is no public common stock to purchase via proxy.
SEAS is in the midst of a stock buyback of over 100 million shares
It will take couple of years to get the financials right for SEAS.
At that time Dollywood will have a resort up and running and a major new ride. SDC will have another attraction by then as well. Those would add profit generating parks and diversify the portfolio more.
Maybe the family opts to take a huge sum of money and walk away. I don't see HFE going for less a billion.
That's a shocker..
A little surprised Manby would be looking for another "challenge". At the age of 55, I would have thought he would be thinking more about what island to buy to retire on......
Good luck to him...
Hopefully HFE, can find someone that understands SDC and can help the organization...
Quote from: Swoosh on March 19, 2015, 07:53:00 PM
If you don't see a possible hostile takeover of HFEC by SEAS in the not so distant future, you're not playing along at home.
A debate elsewhere includes the Dolly angle and some claim she wouldn't allow it. I'm arguing why not especially if the same management structure stays intact. In fact it makes it more appealing as SEAS would be paid to operate which is more of a fixed fee income and sharing capital risks which is a positive.
Who will be the interim CEO for HFE?
Quote from: chittlins on March 19, 2015, 11:31:39 PM
A hostile would be hard as there is no public common stock to purchase via proxy.
SEAS is in the midst of a stock buyback of over 100 million shares
It will take couple of years to get the financials right for SEAS.
At that time Dollywood will have a resort up and running and a major new ride. SDC will have another attraction by then as well. Those would add profit generating parks and diversify the portfolio more.
Maybe the family opts to take a huge sum of money and walk away. I don't see HFE going for less a billion.
Hostile in the fact SEAS would just write a blank check to HFEC -- as in they (SEAS) don't take no for an answer. The Herschend Brothers are not getting any younger. It remains to be seen if the next generation had any interest in continuing the family owned aspect of the business.
Quote from: Swoosh on March 20, 2015, 01:11:39 PM
Quote from: chittlins on March 19, 2015, 11:31:39 PM
A hostile would be hard as there is no public common stock to purchase via proxy.
SEAS is in the midst of a stock buyback of over 100 million shares
It will take couple of years to get the financials right for SEAS.
At that time Dollywood will have a resort up and running and a major new ride. SDC will have another attraction by then as well. Those would add profit generating parks and diversify the portfolio more.
Maybe the family opts to take a huge sum of money and walk away. I don't see HFE going for less a billion.
Hostile in the fact SEAS would just write a blank check to HFEC -- as in they (SEAS) don't take no for an answer. The Herschend Brothers are not getting any younger. It remains to be seen if the next generation had any interest in continuing the family owned aspect of the business.
That's not hostile, that is an unsolicited cash offer. Jack and Pete are the second generation, most always the third generation does poorly if they are actively involved. A huge offer would fund all the personal interests of the family (charities, endowments, ect) for a long time to come.
Exactly, and I'm still not drawing this connection that so many others around the web are making. SEAS is a struggling company currently on a course for potential downsizing or even failure. HFEC is a rapidly growing company that is poised for even more rapid growth in the near future. Why would SEAS be in a position to spend the billions it would take to buy out HFEC? Why would they add on a huge new class of properties onto an already poorly performing system?
I mean, maybe I'm just being optimistic here, but I don't see SEAS doing much of anything except focusing on it's own improvement for the next five years. Even if things are going really well for them after that it still won't make sense to splurge billions on such a large array of diverse properties. Ten, fifteen years down the road no one knows what will happen, but like I say, it could be HFEC buying SEAS.
Quote from: shavethewhales on March 20, 2015, 03:00:55 PM
Exactly, and I'm still not drawing this connection that so many others around the web are making. SEAS is a struggling company currently on a course for potential downsizing or even failure. HFEC is a rapidly growing company that is poised for even more rapid growth in the near future. Why would SEAS be in a position to spend the billions it would take to buy out HFEC? Why would they add on a huge new class of properties onto an already poorly performing system?
I mean, maybe I'm just being optimistic here, but I don't see SEAS doing much of anything except focusing on it's own improvement for the next five years. Even if things are going really well for them after that it still won't make sense to splurge billions on such a large array of diverse properties. Ten, fifteen years down the road no one knows what will happen, but like I say, it could be HFEC buying SEAS.
Shave, agreed.
Quote from: shavethewhales on March 20, 2015, 03:00:55 PM
Exactly, and I'm still not drawing this connection that so many others around the web are making. SEAS is a struggling company currently on a course for potential downsizing or even failure. HFEC is a rapidly growing company that is poised for even more rapid growth in the near future. Why would SEAS be in a position to spend the billions it would take to buy out HFEC? Why would they add on a huge new class of properties onto an already poorly performing system?
I mean, maybe I'm just being optimistic here, but I don't see SEAS doing much of anything except focusing on it's own improvement for the next five years. Even if things are going really well for them after that it still won't make sense to splurge billions on such a large array of diverse properties. Ten, fifteen years down the road no one knows what will happen, but like I say, it could be HFEC buying SEAS.
Time out, 4 of their parks are top 20 in the states. They have cut back on some things but so has Disney and HFE. They have made cuts, but it's similar to profitable parks as well. Just look at the cuts Disney made at Epcot. They did not handle the backlash from that propaganda piece called Blackfish well and underwhelmed on their new Penguin ride at Orlando but capital expenditures go on at all the parks. Taking a cue from Disney, they are going to maximize profit potential on value added experiences with their animals. Orlando presents a challenge due to the explosion of UNI. They need some blockbuster rides and they need to market them. They are completely missing out of the "On Resort" boom that's capturing people for more than a day. SEAS was a little side business of Anheuser Busch but was divested when bought out by a multinational. It went private and them public with the unfortunate timing of the whole Blackfish thing.
They are sinking boocoo dolla in Orca habitats and that's admirable. It's basically upgrading them like most zoos and aquariums are doing to provide a more natural sitting but there's always going to be an anti captive element gunning for you. This goes for all zoos and aquariums. AB completely missed out the Aquarium boom across the country. You've seen outfits like Merlin and Landry's take this to another level not to mention Ripleys' and Herschend getting in on it. Oh and the municipal ones, too. That diminishes SeaWorld's core draw. Look Shark tubes are everywhere, my Girl and I swim with them at Typhoon Lagoon. They are going to have to add rides and I think there's still a place for smaller SeaWorld branded aquarium attractions. I'd steal a page out of Merlin's book and couple it with a Sesame Street dry attraction in strategic locations, They need to come up with spectacular things for the large parks as well, things you will never see in Tulsa or Atlanta or Chattanooga.
see the Ocean World Whale Shark aquarium in China.
(http://chinadigitaltimes.net/wp-content/themes/cdt/timthumb.php?src=http://chinadigitaltimes.net/wp-content/uploads/2015/02/whale-sharklet.jpg&w=&h=600)
I think SeaWorld needs better marketing, and that alone will do wonders. They are playing too much defense.
But...maybe you are right, Manby maybe gets their books in order to sell them to HFE and that's the ultimate goal, go in and repair and then bring them home and Manby takes over HFE again. It's what we thought they were doing with Elitch and Darien Lake, get them in order and buy them out. Still it makes more sense for a public company to bring proven brands with established revenue streams in not the other way around and to get them performing well and take them private. Mostly struggling companies go private, like say, Eddie Bauer, to get it's house in order but almost always are sold back to a public outfit in time.
I know we make wild predictions about new attractions and the like, but you guys may be barking up the wrong tree. CEOs leave companies for better pay all the time, and companies hire or advance new CEOs. That's more likely what will happen here. I'm probably in the minority, but I wasn't a fan of Manby anyway.
Quote from: History Buff on March 20, 2015, 05:34:01 PM
I know we make wild predictions about new attractions and the like, but you guys may be barking up the wrong tree. CEOs leave companies for better pay all the time, and companies hire or advance new CEOs. That's more likely what will happen here. I'm probably in the minority, but I wasn't a fan of Manby anyway.
Herschend is going to change regardless. SEAS may never approach HFEC I would in a heartbeat, you add HFEC properties along with the untapped potential of the San Antonio SeaWorld in a booming state that lacks a destination theme park to 4 of the top 20 parks in the US and you have the making of a good sized money maker. It's not unlike Disney's collection of properties that's not originally theirs.
Heck, I'm just wondering what they are going to do with all the unsold books?
Quote from: Runner1960 on March 20, 2015, 05:46:25 PM
Heck, I'm just wondering what they are going to do with all the unsold books?
He can keep them there on consignment.
Wow! This seems like a shocker.
Queue Cosmo Kramer when talking about low flow showers, "I don't like the sound of that"...
I hope that doesn't mean big change on the horizon e.g. loss of BAF passes should a new corporate chief with new fangled ideas come along.
I don't know if Manby had anything to do with those, but they have been a great way of building repeat guests. We have taken two families of six at different times using our BAF passes. Each time buying a ticket or two that we didn't have. Both families went on to buy season passes. Now that we are a family of six, that makes 18 passes between us. Anyway, BAF passes and the like are a great marketing strategy that has to pay off in the end. I may be way off, but I don't remember things like that before Manby came along. Of course I could be wrong....I was once or thrice.
HFE has been shaken to its core... And you are worried about BAF's... Wow
Quote from: Hollywood on March 22, 2015, 09:16:18 AM
HFE has been shaken to its core... And you are worried about BAF's... Wow
What????
Shaken to it's core? Such drama!
Yes, I am very worried about BAF's....just sick and scared and oh my! What will I do? The sky is falling! Good grief!
I was merely, light heartedly, doing two things:
Commenting on such a good job Manby did, and wondering if changes were coming, while giving an example. That is what e.g. means. Now that I have been thoroughly reprimanded for commenting; I will learn to keep my comments to myself...as assuredly a comment board is not the place for....comments.
So disregard my obviously insensitive previous post and let me try again....
Gosh, it sounds like SDC is looking for a new manager....that is all.
Was that generic enough?
HM, you are fine with your comments. I doubt if SDC would be offended by the thoughts you've shared. We can wonder about how a change in leadership might affect SDC and how it might affect the public. I doubt the Manby departure with be too earth-shattering anyway.
The Herschends have poured their heart and soul into their company so I'm sure they will be very particular in who they hire. I'm sure they will be looking for someone with values much as their own and share their same vision for their properties.
Thanks History Buff.
I was just wondering out loud what changes might be in store if any. I highly doubt the Herschends as long as they have crafted this business are too rattled.
I figure comments on this board are much more valuable/honest to SDC than prefabbed surveys. I was actually attempting a compliment to the way things have been ran in the past several years. We have been season pass members for years, and the BAF vouchers have allowed us to take 12 others with us. Those parlayed into 12 new season pass holders, and since we keep coming back my family of six makes 18 season pass holders. They must be doing something right.
Also Blake; I'll bet you are right. This isn't the Herschend's first rodeo.
I was not trying to come off rude so I give an open and scencire apology. You are correct, this forum is about sharing opinions and I will not start walking down the road of discounting them. If BAF's are important to you and your loved ones then you have the right to be worried about them. My mind travels down the overall management of the company and not the management of the individual properties. (BAF's are a marketing function and would not necessarily be axed by the CEO). This may not be the first Rodeo, but this will be the first time Jack and Pete do not step in as CEO while the BOARD searches for a new one. Hey have appointed Andrew Wexler, the Company's CFO, as interim CEO. Another differance is the Joel resigned, he was not let go. This brings a sudden jolt to the company instead of a thought out, methodical plan. Jack and Pete planned out everything years in advance when they stepped down, and the Mel Bilbo era was also phased out, this was a surprise and no one is ready to fill the spot, there will be no formal training from Joel. This is why I consider the company shaken to the core... Not to mention that every park is now in full swing... It's like not having an understudy and the lead actor does not show up for opening night.
Quote from: Hollywood on March 23, 2015, 06:25:53 AM
I was not trying to come off rude so I give an open and scencire apology. You are correct, this forum is about sharing opinions and I will not start walking down the road of discounting them. If BAF's are important to you and your loved ones then you have the right to be worried about them. My mind travels down the overall management of the company and not the management of the individual properties. (BAF's are a marketing function and would not necessarily be axed by the CEO). This may not be the first Rodeo, but this will be the first time Jack and Pete do not step in as CEO while the BOARD searches for a new one. Hey have appointed Andrew Wexler, the Company's CFO, as interim CEO. Another differance is the Joel resigned, he was not let go. This brings a sudden jolt to the company instead of a thought out, methodical plan. Jack and Pete planned out everything years in advance when they stepped down, and the Mel Bilbo era was also phased out, this was a surprise and no one is ready to fill the spot, there will be no formal training from Joel. This is why I consider the company shaken to the core... Not to mention that every park is now in full swing... It's like not having an understudy and the lead actor does not show up for opening night.
Now that is a post I can dig. Chock full of interesting information that a lot of us don't know, also explains where you are coming from. It also actually kind of also carries the tone of my first post. "I don't like the sounds of that" when hearing of Manby's abrupt departure. When things are good it is never a positive to lose your CEO.
The other one did come off as rude and condescending.
However, I appreciate the apology, and we are good. Quite refreshing in the age of "the internets". :)
The BAF's were just an example of those little changes that can add up. They are nice personally and aren't a deal breaker, but without things like that I worry that the park will see a decline. My point was look how many season pass holders were created from just my small family alone. All from that little personal touch such as BAF vouchers. Your perceived, whether real or not, annoyance with them as trivial, only reinforces my worry that restructuring might turn SDC into something different. I personally would HATE it if it ever lost it's private ownership appeal.
We're always worried about whatever "little" thing will slip away next. I keep trying to focus on the "big picture". It might get tougher to do that though...
On that note though, I found this little quote encouraging:
QuoteChris Herschend, vice chairman of Herschend's board, added, "One of Joel's greatest gifts to Herschend was his ability to articulate and extend our culture as the business grew. He worked tirelessly to assure our family's principles and values were clearly communicated, measured, and most importantly modeled - all while growing and diversifying the company's portfolio.
http://www.blooloop.com/news/herschend-andrew-wexler-interim-ceo-joel-manby/32930#.VRB2IPnF-Ck
They certainly understand what made Joel so successful and know what traits they need to find to fill the void.
I'm not sure who Andrew Wexler is though. Apparently he's a Harvard grad and worked on an internet payment company at one point. Doesn't immediately seem like someone who would end up as CEO (albeit interim) of an attractions company.
Andrew Wexler was the current CFO.
Just saw a Sea World advertisement on TV...looks like they are really advertising how the animals survive as long at Sea World as they do in their natural environment...really advertising the good living conditions and the great care the animals get...wasn't that one of the complaints against them? Maybe Joel is already implementing his strategic plan to bring the company back to it's full potential.
They still have the Orcas. Even with all the money they're spending on new habitats for them, they can't build an ocean and therefore people will still be upset with them. If they cut their loses and got rid of the big animals they'd be much better of, IMO.
Anyone hear any whispers about the CEO search? I know these can sometimes take a long time, and HFEC has a very particular role to fill, so I'm happy to see them take their time. Just super curious where they are at.
Quote from: shavethewhales on May 17, 2015, 01:04:43 PM
They still have the Orcas. Even with all the money they're spending on new habitats for them, they can't build an ocean and therefore people will still be upset with them. If they cut their loses and got rid of the big animals they'd be much better of, IMO.
Anyone hear any whispers about the CEO search? I know these can sometimes take a long time, and HFEC has a very particular role to fill, so I'm happy to see them take their time. Just super curious where they are at.
They will not get rid of them in my opinion, a tell tell will be if they do break ground on the new habitat for orcas in San Diego. That means going all in with dollars involved. If anything, they open a Middle East and Asian park and transfer them. I see a huge investment in San Antonio though. It would shock me to see an animal heavy Busch Gardens there in 20 years. Texas is such an untapped market with San Antonio weather being just slightly cooler than Orlando in the winter.
I'm interest in the announcement for Tampa, I've wanted a Mack spinner for SDC for a while. Want to see one with some value added theming.
A bought a good chunk of stock while it was taking a beating and I'm up over 5 bucks.
If one created a fund that consisted of theme park stock four years ago, they'd be happy