SeaWorld gives executives $ 6.8 million in limited stock prices, despite 90% of the workforce being laid off
SeaWorld gives executives $ 6.8 million in limited stock prices to thank them for ‘extraordinary contributions amid the COVID-19 pandemic’ – although two bosses started LAST WEEK after 90% of the workforce was laid off
- Prizes of $ 6.8 million are “for their extraordinary contributions and continued expected contributions to the company and its long-term goals” during the pandemic
- Newly-appointed CEO Marc Swason is entitled to $ 1.5 million in limited stock awards and newly-appointed COO Walter Bogumil will receive approximately $ 1.3 million
- Chief Legal Officer Tony Taylor receives over $ 1.1 million in limited stock awards and three other executives receive over $ 900,000
- Both executives took their position last week after the resignation of then-CEO Sergio Rivera, who was the third leader to leave in just over two years
- The company closed its gates to its 12 theme parks last month due to the coronavirus pandemic and laid off 90% of its employees
- Read more about how you can help people affected by COVID
SeaWorld Entertainment has signed a deal to give its top executives approximately $ 6.8 million in limited stock prices, despite closing the gates to the 12 theme parks in Florida and Texas last month and firing 90 percent of its employees for the coronavirus pandemic.
The awards are designed “to recognize employees for their extraordinary contributions and continued anticipated contributions to the company and its long-term goals during the global COVID-19 pandemic,” the submitting Securities and Exchange Commission (SEC) said.
Newly appointed CEO Marc Swason is entitled to $ 1.5 million in limited stock awards and newly appointed chief operating officer Walter Bogumil will receive approximately $ 1.3 million in limited stock awards.
SeaWorld Entertainment has signed a deal to give its top managers approximately $ 6.8 million in limited stock prices
Newly appointed CEO Marc Swason (left) is entitled to $ 1.5 million in limited stock awards and newly appointed chief operating officer Walter Bogumil (right) will receive approximately $ 1.3 million in limited stock awards
Chief Legal Officer Tony Taylor receives more than $ 1.1 million in limited stock awards, and three other executives each receive more than $ 900,000 in limited stock awards.
The deal remains in effect provided they stay with SeaWorld for two years, the company said Tuesday in a filing with the U.S. Securities and Exchange Commission.
Under the terms, executives receive half of the stock awards on the first anniversary of the deal and the rest on the second anniversary.
Earlier this month, company executives agreed to a 20 percent reduction in their annual base salary until the company resumes normal business operations.
SeaWorld has approximately 4,700 full-time employees and approximately 12,000 part-time employees.
Last week, Sergio Rivera, the third theme park company leader who left in just over two years, left
During the peak season in 2018, the company hired over 4,000 additional seasonal workers, many of whom are high school and college students.
Coronavirus quickly spreads to states where SeaWorld has parks.
In Florida, there were more than 22,500 coronavirus cases and 614 deaths on Thursday morning. In Texas, there were over 16,200 and 391 deaths.
The company made the leave announcement in an SEC filing on March 27, which did not set a timetable for when staff would return.
“Government decisions banning large gatherings, restricting travel, and mandating corporate closings have resulted in many companies scaling back or discontinuing operations,” a letter to leave workers read.
“They have significantly disrupted our communities and are expected to do so in the near future.”
None of the company’s employees are covered by a collective labor agreement.
Employees will not be paid after March 31. However, subject to local regulations, these workers are eligible for unemployment benefits, the letter continues.
The new new executives took their position last week after the resignation of then-CEO Sergio Rivera, who was the theme park company’s third leader in just over two years.
Rivera resigned just days after the company said they would fire most of its employees. Rivera raised his disagreement over the board’s involvement in decision-making with the company, according to a filing with SEC.
He was appointed CEO of the company last November after his predecessor, Gustavo ‘Gus’ Antorcha, cited a similar reason for his departure in September.
Rivera also steps down from the company’s board of directors.
“The board remains united in guiding the company through the difficult but necessary decisions to best position the company for long-term success,” said board chairman Scott Ross in a statement.