Trainers have Orca killer whales perform for the crowd during a show at the animal theme park SeaWorld in San Diego, California March 19, 2014. REUTERS/Mike Blake SeaWorld just announced that its CEO Jim Atchison is out, effective January 15.

Atchison will take a role as vice chairman of the board, serve as a consultant to the company, and will be chairman of the SeaWorld & Busch Gardens Conservations Fund.

Atchison will be replaced on an interim basis by David D'Alessandro, the company's chairman.

SeaWorld also announced that it will initiate a restructuring program across its company, which it says will "result in the loss of some positions." The company did not provide specifics on how many jobs would be cut.

The company also announced that Ellen Tauscher, who previously served as a Member of Congress and as an under secretary of the U.S. Department of State, and William Gray, the former co-CEO of Ogilvy North America of Ogilvy & Mather will join SeaWorld's board.

Atchison has served as CEO of the company since it went public back in April 2013.

Since its debut, the stock is down more than 50% as the company has dealt with the fallout from the "Blackfish" documentary, which brought to light questions about the treatment of the company's Orca whales.

Here's the performance of Seaworld shares since "Blackfish" was released in the US on July 19, 2013.

Back in August, SeaWorld shares fell more than 30% in one day after its quarterly earnings missed expectations, and in November, shares of SeaWorld fell another 10% after yet another disappointing quarter.

In a statement to Business Insider following the news, PETA deputy general counsel Delcianna Winders said:

"Jim Atchison's watch has meant lawsuits, tanking stock, canceled performances by musical acts, falling ticket sales, and continued deprivation and isolation for Orcas at SeaWorld. Public opinion has turned solidly against SeaWorld, and the park can't turn back time."

However, all is not lost for Atchison, who will enjoy quite a "golden parachute" on his way out the door. As the folks at Footnoted alerted us to, per the company's filing with the SEC, Atchison will receive:

A lump sum payment of $2.4 million

A lump sum cash payment equal to the value of benefit continuation for 24 months following termination

Eligibility for continued vesting of 515,406 outstanding stock options

An annual consulting fee of $440,000 in each of the three years for which Atchison has agreed to act as consultant to the company

A provision that sees Atchison's consulting fee increased by the amount equal to the cash retainer plus the annual stock award given to board members if he is NOT re-elected to the board at an annual meeting

Now, these types of agreements are common in the case of executive departures.

But for such a controversial company that has had such poor stock performance over the last year, critics are unlikely to be thrilled with these terms.