Byron Surrett
Chief Park Operations Officer – Non-Florida Parks at PRKS
Executive
About Byron Surrett
Byron Surrett (age 67) is Chief Park Operations Officer – Non-Florida Parks at United Parks & Resorts Inc. (PRKS), a 49-year veteran of the company with progressive operating leadership across SeaWorld, Aquatica, and Sesame Place parks; he holds a bachelor’s degree from the University of South Florida . Company performance in 2024 included total revenues of $1,725.3M, net income of $227.5M, diluted EPS of $3.79, and Adjusted EBITDA of $700.2M; management notes five-year stock performance in line with U.S. equity markets . Stock ownership guidelines require executives to hold 3x base salary and retain 50% of net shares; hedging and pledging are prohibited .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| United Parks & Resorts – SeaWorld San Antonio | Park President (SeaWorld San Antonio, Discovery Point, Aquatica San Antonio) | 2018–2023 | Led park operations; safety and revenue execution |
| United Parks & Resorts – SeaWorld San Antonio | VP Operations | 2014–2019 | Operational oversight during multi-park evolution |
| United Parks & Resorts – SeaWorld San Antonio | VP Merchandise | 2008–2014 | Drove in-park merchandising strategy |
| United Parks & Resorts – SeaWorld San Diego | VP Park Operations | 2005–2008 | Managed large-scale park operations |
| United Parks & Resorts – SeaWorld San Antonio | VP Park Operations | 2003–2005 | Led day-to-day performance |
| United Parks & Resorts – Sesame Place Philadelphia | VP Park Operations | 1999–2003 | Family park operating excellence |
| United Parks & Resorts – Sesame Place Philadelphia | VP Culinary | 1995–1999 | Food & beverage transformation |
| United Parks & Resorts – Adventure Island | Director of Revenue | 1989–1995 | Commercial growth and pricing |
| Busch Gardens Tampa / Busch Entertainment | Various roles | 1976–1989 | Early career progression in park operations |
External Roles
| Organization | Role | Years |
|---|---|---|
| San Antonio Chamber of Commerce | Board Member | Since 2020 |
| Texas Travel and Tourism | Board Member | Since 2021 |
| San Antonio Symphony League Program | Chair | Since 2020 |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $245,833 | $250,000 |
| Target Bonus % of Salary | 80% | 80% |
| Discretionary Cash Bonus ($) | $15,450 | $3,750 |
| Non-Equity Incentive Plan Compensation ($) | $780 | $5,697 |
| All Other Compensation ($) | $7,088 | $7,521 |
| Total Reported Compensation ($) | $948,345 | $1,000,396 |
Performance Compensation
Annual Bonus Design and 2024 Outcome (Surrett)
| Metric | Weighting | Target | Actual | Payout % | Weighted Payout % |
|---|---|---|---|---|---|
| Adjusted EBITDA (pre-bonus) | 25.0% | $902.0M | $700.2M | 0.0% | 0.0% |
| Park-level EBITDA | 25.0% | Not disclosed | Not disclosed | 2.1% | 2.1% |
| Guest Satisfaction | 20.0% | Not disclosed | Below threshold | 0.0% | 0.0% |
| Department Cost Basis | 15.0% | Not disclosed | Not met | 0.0% | 0.0% |
| Department Capital Expenditures | 10.0% | Not disclosed | Met | 55.1% | 5.5% |
| Discretionary & Individual Objectives | 5.0% | Not disclosed | 100% | 100.0% | 5.0% |
| Cost Objectives Adjustment | — | — | Company not met | −25.0% | −25.0% |
| Final Performance as % of Target | — | — | — | — | 9.4% |
Notes:
- No maximum payout on Adjusted EBITDA, Total Revenues, and Park-level EBITDA; >100% yields +0.5% of target per $1M over target .
- 2024 bonus target $200,000 for Surrett (80% of $250,000 salary) ; cash/non-cash payments reflected above .
Equity Awards Granted (2024)
| Award Type | Grant Date | Shares/Units (Threshold) | Target | Max | Fair Value ($) | Vesting/Terms |
|---|---|---|---|---|---|---|
| RSUs (time-based) | 3/5/2024 | — | 4,720 | — | 249,971 | Time vesting per plan |
| RSUs (time-based) | 11/11/2024 | — | 4,402 | — | 249,946 | Time vesting per plan |
| PSUs | 5/15/2024 | 587 | 2,350 | 3,525 | — | Performance-based; See performance criteria |
| PSUs | 5/15/2024 | 1,322 | 5,288 | 7,932 | — | Performance-based; See performance criteria |
| Annual Equity Incentive (PSUs) | 8/14/2024 | 247 | 2,142 | 2,677 | 99,989 | Performance-based |
| Stock Options | 3/5/2024 | — | 1,652 | — | 53,442 | Exercise $52.96; ≤10-year term |
| Stock Options | 3/5/2024 | — | 708 | — | 22,904 | Exercise $52.96; ≤10-year term |
| Stock Options | 5/15/2024 | — | 1,234 | — | 40,043 | Exercise $53.18; ≤10-year term |
| Stock Options | 5/15/2024 | — | 528 | — | 17,134 | Exercise $53.18; ≤10-year term |
2023 LTIP design reference: 75% PSUs (Adjusted EBITDA and growth goals) and 25% stock options vesting in equal annual installments over three years .
2024 Vesting Activity
| Metric | 2024 |
|---|---|
| Shares Acquired on Vesting (#) | 11,666 |
| Value Realized on Vesting ($) | $621,630 |
Equity Ownership & Alignment
| Ownership Component | Amount | Notes |
|---|---|---|
| Beneficially Owned Shares | 8,407 | Direct/indirect; excludes RSUs/PSUs per footnotes |
| Options Exercisable within 60 days | 6,008 | Included in ownership calc convention |
| Performance-Vesting RSUs (PSUs) outstanding | 16,092 | Not counted in beneficial total |
| Time-Vesting RSUs outstanding | 16,657 | Not counted in beneficial total |
| Shares Outstanding (company) | 55,024,612 | Special meeting record date context |
| Ownership % of Shares Outstanding | ~0.015% (8,407 / 55,024,612) |
Alignment Policies:
- Executive stock ownership guidelines: CEO 6x salary; other executives 3x salary; 50% net shares retained .
- No hedging or pledging of Company stock permitted .
Pledging/Hedging Status: Company policy prohibits; individual compliance status not specifically disclosed for Surrett .
Employment Terms
| Provision | Key Terms |
|---|---|
| Severance Plan | 12 months base salary; pro-rata annual cash bonus (not to exceed target); $15,000 lump sum for health insurance; subject to release and covenants |
| Restrictive Covenants | 1-year non-compete; 2-year non-solicit; non-disparagement; confidentiality; cooperation |
| Change-of-Control (equity) | Double-trigger: if terminated without cause or for “good reason” within 12 months post-CoC, unvested options/time-vesting RSUs generally vest; PSUs vest based on actual performance to date; accelerated vesting terms per plan documents |
| Clawback | Awards subject to clawback under Company policy and applicable law (Dodd-Frank, SOX 304, NYSE) |
| Tax Gross-ups | No excise tax gross-ups upon change in control |
Potential Payments (as of 12/31/2024):
| Scenario | Cash Severance ($) | Health ($) | Accelerated Equity ($) | Total ($) |
|---|---|---|---|---|
| Termination under Severance Plan | 259,447 | 15,000 | — | 274,447 |
| Death/Disability | 9,447 | — | 198,003 | 207,450 |
| Change in Control (double trigger) | 259,447 | 15,000 | 927,194 | 1,201,641 |
| Change in Control (good reason) | — | — | 915,169 | 915,169 |
Compensation Structure Analysis
- Mix shift and at-risk pay: Surrett’s 2024 package is predominantly equity-based (RSUs, PSUs, options), consistent with company emphasis on variable, performance-linked pay; no guaranteed incentive payments .
- Annual bonus tightening: Corporate financial underperformance vs targets drove a 25% cost objective reduction and low final payout (9.4% of target) for 2024 .
- Equity program risk controls: No option repricing without stockholder approval; dividends on unvested awards prohibited; options priced at ≥ fair market value; 10-year cap on option terms; double-trigger CoC vesting .
Say-on-Pay & Peer Benchmarking
- Say-on-Pay support: 99.1% approval in 2024; ongoing investor engagement focused on compensation risk and governance .
- Compensation peer group (2024): Includes Six Flags Entertainment, Vail Resorts, Travel + Leisure, Hilton Grand Vacations, Marriott Vacations Worldwide, Norwegian Cruise Line, Dave & Buster’s, Cheesecake Factory, Cinemark, AMC, Madison Square Garden Sports, Texas Roadhouse (changes from prior year noted) .
Investment Implications
- Alignment and retention: Significant outstanding unvested PSUs/RSUs and multi-tranche options should align Surrett with long-term value creation and provide retention through vesting schedules; double-trigger CoC mitigates windfall risk .
- Insider selling pressure: 2024 vesting of 11,666 shares ($621,630) shows meaningful realized equity; monitor future grant vesting dates and Form 4 filings to assess any selling pressure around vest events .
- Ownership scale: Direct beneficial ownership is modest (~0.015% of shares outstanding) but supplemented by exercisable options (6,008) and sizable unvested awards; policy prohibits hedging/pledging, reducing misalignment risk .
- Performance linkage: Bonus outcomes are highly sensitive to Adjusted EBITDA and cost objectives; with no bonus caps on core financial metrics, upside exists if targets are exceeded, but 2024 payouts underscored execution risk on financial and guest metrics .