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 nearly 10.4 million shares which are currently valued at roughly $36.4 million in total.
!["Protecting Freedom" event](https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=150%2C100 150w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=200%2C133 200w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=225%2C150 225w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=300%2C200 300w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=400%2C267 400w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=540%2C360 540w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=640%2C427 640w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=750%2C500 750w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=990%2C660 990w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=1035%2C690 1035w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=1200%2C800 1200w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=1333%2C888 1333w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=1476%2C984 1476w, https://bloximages.chicago2.vip.townnews.com/mtstandard.com/content/tncms/assets/v3/editorial/a/93/a9308f5d-0d80-5372-a198-8de77659036b/662eea2557a65.image.jpg?resize=1763%2C1175 2008w)
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.
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In 2023, Sheehy made $2.46 million from Bridger Aerospace. Nearly all of that income — $2.3 million — came from a bonus, according to public financial filings. Sheehy was also granted a stock award valued at $17.75 million in 2023, but returned it to the company.
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.
“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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Two Bridger Aerospace CL-415EAF "Super Scooper" planes scoop water from Flathead Lake to drop on the nearby Elmo 2 fire on Aug. 4, 2022. The Elmo 2 fire was the first time that all four of Bridger's scooper planes saw action together in Montana.
In other financial filings, Bridger Aerospace had acknowledged that Sheehy would be required to resign from his leadership roles if elected, but did not give indication that he would step down before then.
Sheehy is taking on three-term Democratic Sen. Jon Tester in the general election. Eyes are locked on Montana's Senate race, as this seat is key to the Republican attempt to take back control of the U.S. Senate where Democrats currently hold a slim majority.
Politicos view Tester's seat as one of the most vulnerable Democrat-held posts in the country, as he is one of only two Democrats running for reelection in a state that Donald Trump carried in 2020.
Sheehy's founding of Bridger Aerospace has been central to his campaign message. Multiple campaign ads feature Bridger Aerospace prominently. When he's hit with criticisms about being a "wealthy out-of-stater" he hits back by pointing out the number of jobs he's created in the Gallatin Valley.
Sheila Hogan, executive director of the Montana Democratic Party, highlighted Bridger’s problems on Monday.
“Last week, stock values for Bridger Aerospace were hitting all-time lows, and today Bridger announced Tim Sheehy’s resignation. While Sheehy has made Bridger’s success a central piece of his campaign, today’s news that he will resign — coupled with $77 million in losses and his former employees suing him — raises serious questions about Sheehy’s role," Hogan said in a written statement. "Now Sheehy’s refusal to divest and remove his financial ties to Bridger Aerospace deepens concerns as he campaigns for the position that would allow him to steer lucrative contracts to benefit his own portfolio.”
The Sheehy campaign traded barbs:
“Bridger Aerospace is a Montana success story. Tim is proud of the successful company he created, the jobs he created, and he is proud to be an active firefighting pilot protecting our communities and our public lands. Jon Tester and his allies are using disingenuous attacks to actively try and tear down a Montana business and that should be concerning to all Montanans," a campaign spokesperson said in an emailed statement. "What Tester and the Montana Democratic Party are saying is that they don’t care about this Montana business, they don’t care about its success or its mission, and they clearly don’t care about the employees because they want to see this company fail because Tim Sheehy is a Republican. Shame on Jon Tester for threatening the livelihoods of Montanans by smearing a Montana business.”
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