SeaWorld Grants $6.8M in Stock Awards to Executives, Including Chief Legal Officer
CLO Tony Taylor received $1.17 million in awards while interim CEO Marc Swanson was granted $1.5 million and COO Walter Bogumil was given $1.3 million.
April 15, 2020 at 01:10 PM
3 minute read
The original version of this story was published on Corporate Counsel
SeaWorld sign in International Drive in Orlando, Florida. Photo: VIAVAL/Shutterstock.com
While other companies slash or freeze executive pay amid the coronavirus pandemic, SeaWorld Entertainment Inc. has granted more than $6.8 million in stock awards to six top executives, including chief legal officer Tony Taylor.
Taylor received $1.17 million in awards while interim CEO Marc Swanson was granted $1.5 million and chief operating officer Walter Bogumil was given $1.3 million. SeaWorld's chief zoological officer, interim chief financial officer and chief human resources officers each received between $910,000 and $975,000 in awards.
The stock awards were made public Tuesday in a Securities and Exchange Commission filing. SeaWorld stated in the filing that its board of directors' compensation committee approved the awards to "recognize employees for their extraordinary contributions and continued expected contributions to the company and its long term goals during the global COVID-19 pandemic."
A SeaWorld representative declined to comment beyond what the company stated in the SEC filing.
SeaWorld handed out the stock awards 18 days after announcing that the Orlando, Florida-based theme park operator was furloughing 90% of its employees as of April 1. The furloughed employees are not receiving pay.
"The furlough period is uncertain at this time due to the temporary park closures and will be reassessed as business conditions dictate. The company looks forward to welcoming back its ambassadors and guests when it is safe to open again," SeaWorld stated at the time.
Shortly after SeaWorld announced the furloughs, The Walt Disney Co. stated in a March 30 SEC filing that it was reducing base salaries for a broad group of executives and that executive chairman Bob Iger was forgoing his base salary while Disney's new CEO, Bob Chapek, was taking a 50% salary cut. Dozens of other companies have taken similar austerity measures.
In late February, days before the first COVID-19 coronavirus death was reported in the U.S., SeaWorld announced that it had lost $24.2 million in the fourth quarter—not because of low attendance at its three parks but because of increased legal costs.
SeaWorld paid $65 million to settle a class action lawsuit alleging that investors were misled about the financial toll that the "Blackfish" documentary had taken on the company. The film is about an orca named Tilikum that performed at SeaWorld Orlando and was involved in the deaths of three people.
On April 2, Sergio Rivera announced that he was resigning as CEO of SeaWorld and stepped down two days later.
Read More:
SeaWorld's Legal Expenses Led to $24M Fourth Quarter Loss
Former SeaWorld Associate General Counsel Charged With Insider Trading
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