Bridger Aerospace announced Monday that CEO and founder Tim Sheehy will step down as CEO and from the company’s board of directors.
Sheehy is running in one of the country’s most closely watched U.S. Senate races against Democratic incumbent U.S. Sen. Jon Tester. In a statement, Sheehy said the company “deserves a fully focused CEO during its busy fire season.”
Last year, Bridger Aerospace said Sheehy would remain CEO during his candidacy for office, but acknowledged he would have to step down if elected to avoid conflicts of interest.
Montana Free Press first reported on public filings that show the company is deep in debt. Bridger Aerospace’s auditor wrote it’s at risk of falling short on its financial obligations this year. Sheehy has defended his company’s finances, attributing the debt to investments in new aircraft and positioning the company for growth.
The Belgrade-based firefighting company has named an interim CEO and an executive chairman while a search for a permanent leader is underway.
