SeaWorld Entertainment eliminated more than 300 jobs Friday, according to the Orlando Sentinel. The move came a little more than 24 hours after its CEO stepped down as head of the company.
According to the Orlando Sentinel, the cuts would impact all of the company’s 11 parks, along with the corporate headquarters. SeaWorld has been trying to combat a decline in attendance with a turnaround effort that is expected to save the company $50 million annually.
Attendance at its theme parks has been weak since the recession and has dropped in three of the past four quarters. SeaWorld has also been battling negative publicity since the release of "Blackfish" last year, a documentary that suggested its treatment of animals may have led to the death of trainers.
Jim Atchison has served as CEO and president since 2009. He will become vice chairman and will be nominated to the board of its independent nonprofit conservation fund. Chairman David D'Alessandro will take over as interim CEO Jan. 15 and serve until a permanent replacement is found.
The company on Thursday also appointed two new directors to its board: Ellen Tauscher, a former congresswoman from California, and former advertising executive William Gray. Gray has also been a senior adviser to Blackstone, an investment firm and minority shareholder in SeaWorld.
Shares of SeaWorld, which operates 11 theme parks across the country, rose 16 cents in extended trading. Its stock closed Thursday up 45 cents to $16.09. The Orlando, Florida-based company's shares have lost about 45 percent in the past year.
