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SeaWorld announces two independent, veteran theme park industry executives to join its Board of Directors

Board also recommends enhanced corporate governance practices including phased elimination of classified Board and adoption of majority voting.

ORLANDO, FLA. – SeaWorld Entertainment, Inc., a leading theme park and entertainment company, announced that its Board of Directors has added one new independent director and nominated another, both with significant experience directly related to the company’s theme park business.

The company also announced that its Board is recommending the adoption of enhancements to its corporate governance practices, including the phased elimination of its classified board structure and the adoption of a majority voting standard in uncontested director elections.

Ron Bension, 61, the President of House of Blues Entertainment at Live Nation, and former Chairman and CEO of MCA/Universal Studios Recreation Group, has joined the Board, succeeding Jim Atchison, who has decided to step down as a director but will remain a consultant to the company. Previously, Mr. Bension was responsible for all aspects of Universal Studios Hollywood and Universal Studios Florida in addition to developing international theme park joint ventures, and he has extensive e-commerce and entertainment company expertise from his experience leading several companies to financial and strategic success.

Donald C. Robinson, 62, formerly the Executive Vice President of Hong Kong Disneyland, has been nominated for election at the 2016 Annual Meeting to fill the seat left vacant by Joe Baratta, Global Head of Private Equity at Blackstone, who, as previously announced, will retire from the Board upon the election of his successor. Mr. Robinson has extensive operations expertise, as well as over thirty years of executive and management positions in global theme park, retail, restaurant, resort and entertainment businesses.

“As we have transformed SeaWorld over the past year, the Board has taken decisive action on several fronts to best serve the interests of all our shareholders and other stakeholders. Adding these two independent theme park industry veterans to our already broadly experienced Board, together with enhancements to our governance practices, is consistent with our priorities and reflects constructive input from our shareholders,” said SeaWorld Chairman David F. D’Alessandro.

“On behalf of the entire Board, I’d like to thank Jim for his significant contributions and achievements during his three decades at the company,” said D’Alessandro. “Jim helped assure a smooth transition to our new CEO and his perspective has been extremely valuable.”

The company also announced the Board is recommending the adoption of two enhancements to its corporate governance practices at the company’s 2016 annual meeting:

  • the elimination of the company’s classified board structure through a declassification process to be implemented on a three year phase-out basis, so that directors would start to be elected to a one-year term beginning with the directors elected at the company’s 2017 annual meeting of stockholders. When completed, this initiative will enable SeaWorld shareholders to elect the entire board annually for a one year term.
  • implementation of a majority voting standard for uncontested director elections. Under this standard, each nominated director must receive more votes cast for his or her election than against to be elected. An incumbent director will be required to offer to tender his or her resignation if the director fails to receive a majority of “for” votes, and the board will determine the appropriate course of action after considering the recommendation of the nominating and corporate governance committee. If the company’s stockholders approve this proposal, the Board will take the necessary actions to amend the company’s bylaws to implement a majority voting standard in uncontested director elections. In the case of contested elections, directors will continue to be elected by a plurality vote.

The 2016 annual meeting is scheduled to be held on June 15, 2016.

News Editor - TravelDailyNews Media Network | + Posts

Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.

She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.

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