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Benzinga
Benzinga
Business
Shivani Kumaresan

SeaWorld Entertainment Adopts New Buyback Program; CFO Plans To Retire

SeaWorld Seas Entertainment Board of Directors NYSE
  • SeaWorld Entertainment Inc (NYSE:SEAS) said its Board of Directors approved a $250.0 million share repurchase program.
  • Under the program, the company is authorized to repurchase shares through open market purchases, privately-negotiated transactions, or otherwise.
  • During 1Q22, the company repurchased 1.5 million shares, and subsequent to March 31, 2022, it repurchased an additional 2.0 million shares, leaving no amounts remaining under the previous authorization.
  • SEAS held cash and equivalents of $380 million as of March 31, 2022.
  • The company said Elizabeth Castro Gulacsy is set to retire as its Chief Financial officer effective December 31, 2022, or upon the appointment of her successor, if earlier.
  • SeaWorld has retained a recruiting firm to conduct a search for the position. 
  • Price Action: SEAS shares closed lower by 4.86% at $53.60 on Wednesday.
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