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[shavethewhales]

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...

[chittlins]

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.

[chittlins]

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.

[Junior, too!]

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.

[chittlins]

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.

[History Buff]

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.

[runner1960]

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.

[Swoosh]

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.

[shavethewhales]

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...

[shavethewhales]

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.

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...

[Junior, too!]

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.

[chittlins]

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.

[sanddunerider]

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...

[chittlins]

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.

[biscuitcreek]

Who will be the interim CEO for HFE?