Republican nominee for U.S. Senate Tim Sheehy stepped down from his role as CEO and a board member from his Belgrade-based aerial firefighting company, Bridger Aerospace, the company announced Monday morning.
Sheehy has been with the company since he co-founded it in 2014 shortly after leaving the Navy. As of late April, Sheehy had a 21.35% ownership stake in the company through his roughly 10.4 million shares.
Tim Sheehy, a Republican running for U.S. Senate against incumbent Jon Tester, speaks at the “Protecting Freedom” event at the University Center Ballroom at the University of Montana in April.
Bridger Aerospace has struggled in recent months, saying it may not be able to meet its financial obligations. Its stock has declined nearly 50% this year.
According to the press release, a new board member and an interim CEO have been appointed, and the company’s board will also start the search for a permanent CEO.
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“This exceptional team deserves a fully focused CEO during its busy fire season. Now that I have won the primary election, it is appropriate for me to allow our leadership team to focus on their duties. I look forward to watching their continued success,” Sheehy said in a written statement. The primary was June 4 and Sheehy won as was expected in a landslide.
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