Shareholders for SeaWorld Entertainment Inc. effectively ousted the company's chairman, David D'Alessandro, Wednesday. According to a Reuters report, a preliminary proxy vote at SeaWorld's annual meeting did not produce enough "for" votes to keep D'Alessandro on the board. As a result, he will need to resign.
"The board will continue to proceed in the best interest of shareholders following this year's annual meeting," SeaWorld said in a statement to Reuters.
The vote results, Reuters said, were influenced by anger over special bonuses for D'Alessandro and other executives. The bonuses would have been paid out if the company reached certain benchmarks after its 2013 initial public offering. According to an April filing with the Securities and Exchange Commission, the benchmarks were missed, but executives would still receive a check. Since the company's IPO, SeaWorld's share prices have dropped by 50 percent.