Update: Blue Bird CEO-to-be Smith Resigns, Horlock to Remain On

September 9, 2024

Phil Horlock, president and CEO of Blue Bird, speaks to attendees at the start of the STN EXPO Keynote Address on July 26, 2016 in Reno, Nevada.

Weeks shy of adding CEO to his resume, Blue Bird President Britton Smith announced his resignation from the company.

Current CEO Phil Horlock said he will not retire on Sept. 29, as was the plan when he and the board announced last month that Smith would succeed him. Blue Bird said Smith’s resignation as president is effective Sept. 28. He is also no longer on the board of directors, effective immediately.

“It has been an honor to serve as president of Blue Bird,” Smith said in a statement on Monday. “My decision to step down is driven by personal reasons and I need to focus on these important aspects of my life at this time. I want to extend my heartfelt thanks to our employees and partners for their support during my tenure.”

When Smith was named president in May 2023, the writing was on the wall that he could also eventually succeed Horlock as CEO. His ascent to the position appeared to be finalized on Aug. 7.

With the release of its third-quarter 2024 earnings and raised guidance for the full fiscal year, Horlock said Smith passed with flying colors a “rigorous transition plan” set in place to prepare him to assume the CEO title, which was to officially take place on Sept. 29.

This is not the first time Horlock’s plans to retire have changed. He originally retired from the company in November 2021, and Matthew Stevenson was named president and CEO. One of Stevenson’s first moves was to bring Smith on board from KPMG, where he was director of strategy and deal advisory, as senior vice president of electrification and chief strategy officer. Stevenson left Blue Bird in May 2023 to take a similar role at Holley.

Horlock came out of retirement to re-assume the CEO position, and Blue Bird named Smith president. Horlock originally joined Blue Bird in 2010 as chief financial officer and chief administrative officer after a 30-year career at Ford Motor Company. He was named president and CEO a year later and was responsible for the evolution of the company’s propane school bus via a partnership with ROUSH CleanTech Autogas system, a relationship that was recently extended to 2030. He also oversaw the launch of Blue Bird’s electric school bus line.

Meanwhile, during Smith’s tenure Blue Bird has produced over 2,000 electric school buses and grown its EV ecosystem to include the financial service arm Clean Bus Solutions, a joint venture with Generate Capital.

When Horlock returned to Blue Bird last May to replace Stevenson, who left for personal reasons, Smith was named president weeks later. At the time, Horlock noted that Blue Bird had “significantly expanded” its market-leading position with electric school buses. The company continues a high output of ESBs.

Since Smith was named president, the company’s stock has nearly doubled. Also on Wednesday, Blue Bird announced a 40-percent increase in electric school bus production from the third quarter of 2023 to the third quarter of 2024. Revenue also grew by 13 percent to $333 million with adjusted EBITDA at a record $48 million and 14.5 percent margin.

“Managing our transition to EV leadership has been an incredible experience and I look forward to even greater growth ahead for the entire company,” Smith said in a statement in August. “It’s an exciting time in Blue Bird’s history, and I’m energized by the opportunities ahead.”

Smith also led the introduction in June of standard lap/shoulder seatbelts, driver airbags and other safety technology.

At the time of the announcement that Smith was poised to replace Horlock as CEO, Blue Bird also announced that board member Doug Grimm replaced Kevin Penn as chairman of the board. Penn continues to serve on the board.

“On behalf of the Board of Directors and the entire Blue Bird team, I want to express our gratitude to Britton for his leadership and contributions to the company,” Grimm said on Monday. “We wish him all the best in the future.”