SeaWorld Entertainment Adopts New Buyback Program; CFO Plans To Retire

SeaWorld Entertainment Inc 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.