David Schellenberg
About David Schellenberg
David A. Schellenberg, 61, has served as an independent Class I director of Bridger Aerospace Group Holdings, Inc. (BAER) since March 2024. He is Managing Director and Principal at Highland West Capital, and previously served as President & CEO of Conair Group and Cascade Aerospace; he holds an undergraduate degree from the University of Manitoba and an MBA from the University of Western Ontario, and is a Fellow of the Chartered Professional Accountants of Canada (FCPA, FCA) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Highland West Capital | Managing Director & Principal | Current | Family office investing; operating/financial leadership and risk management focus |
| Conair Group | President & CEO | “many years” (prior to Highland West) | Built niche aviation/aerospace leaders; operational scaling |
| Cascade Aerospace (Conair subsidiary) | President & CEO | “many years” (prior to Highland West) | Aerospace operations leadership |
| Jim Pattison Group (Corporate Office) | Managing Director | Early career | Corporate finance and investment oversight at large private company |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Teekay Corp. (NYSE: TK, privatized) | Chairman of the Board | 2019–2024 | Led board through industry cycles; maritime energy transport |
| Teekay Tankers Ltd (NYSE: TNK) | Director | Current | Ongoing public company board service |
Board Governance
- Independence: The Board determined Schellenberg is independent under Nasdaq rules .
- Committee service and engagement:
- Compensation Committee member; the committee met four times in 2024 .
- Not listed on Audit or Nominating & Corporate Governance Committees .
- Attendance: In 2024, each director attended more than 75% of combined Board and applicable committee meetings; the Board met six times .
- Governance policies:
- Prohibition on hedging and pledging of company securities for directors, officers, employees .
- Insider trading policy covering directors and other insiders .
Committee Assignments (2024)
| Committee | Role | Chair? | Meetings in 2024 |
|---|---|---|---|
| Compensation | Member | No | 4 |
| Audit | Not a member | — | 4 (committee total) |
| Nominating & Corporate Governance | Not a member | — | 6 (committee total) |
Fixed Compensation
- Standard structure: Non-employee directors receive an annual cash retainer of $100,000, pro-rated for partial-year service; in September 2024, directors (including Schellenberg) received equity grants of 38,887 shares valued at $100,000 on grant date .
- 2024 realized director pay for Schellenberg:
- Cash fees: $83,333 (pro-rated)
- Stock awards: $95,273 (grant-date fair value)
- Total: $178,606
| Component | 2024 Amount ($) | Detail |
|---|---|---|
| Annual Cash Retainer (policy) | $100,000 | Pro-rated for partial year of service |
| Fees Earned or Paid in Cash | $83,333 | Schellenberg actual cash fees, 2024 |
| Stock Awards (Grant-Date FV) | $95,273 | Equity grant received in Sept 2024; 38,887 shares valued at $100,000 on grant date for directors (policy); Schellenberg’s reported FV $95,273 |
| Total Director Compensation | $178,606 | 2024 total reported |
Performance Compensation
- No performance-based metrics disclosed for director compensation; director equity awards are reported at grant-date fair value and presented as fixed-value grants without disclosed performance conditions .
- As an emerging growth company, BAER is not required to conduct say-on-pay votes, reducing direct shareholder feedback on compensation practices .
Other Directorships & Interlocks
| Company | Exchange/Ticker | Role | Tenure |
|---|---|---|---|
| Teekay Corp. | NYSE (historical: TK) | Chairman | 2019–2024 |
| Teekay Tankers Ltd | NYSE: TNK | Director | Current |
Expertise & Qualifications
- Credentials: FCPA, FCA (Canada) .
- Domain expertise: >30 years operating, financial leadership, and risk management; aerospace/aviation CEO experience; family-office principal investing .
- Education: University of Manitoba (undergraduate); MBA, University of Western Ontario .
Equity Ownership
- Beneficial ownership: 38,887 shares of BAER common stock; categorized as less than 1% of outstanding shares .
- Shares outstanding: 54,742,646 (as of April 24, 2025) .
| Holder | Shares | % Outstanding |
|---|---|---|
| David Schellenberg | 38,887 | * (less than 1%) |
| BAER Shares Outstanding (reference) | 54,742,646 | — |
Policies affecting alignment:
- Hedging/pledging prohibition enhances alignment and reduces leverage-related risk .
Governance Assessment
-
Strengths:
- Independence affirmed under Nasdaq standards, with active Compensation Committee service, indicating engagement in pay oversight .
- Strong operational and financial background from aerospace and investment roles; recognized accounting credential (FCPA/FCA) supports board effectiveness in oversight and risk management .
- Company-level prohibitions on hedging and pledging align director incentives with long-term shareholder outcomes .
- Committee retains authority to engage independent compensation consultants; in 2024, Pearl Meyer was retained to review executive compensation programs, indicating professionalized pay governance .
-
Watch items / potential investor confidence signals:
- As an emerging growth company, BAER does not hold say-on-pay votes, limiting formal shareholder feedback on compensation—monitor Compensation Committee disclosures (and use of consultant advice) for pay-for-performance alignment .
- Beneficial ownership is modest (<1%); while common for independent directors, investors may prefer increased ownership over time to strengthen alignment .
- No related-party transactions disclosed involving Schellenberg; company maintains a formal related person transaction policy with Audit Committee review—positive governance control given historical founder-related transactions elsewhere in the filing .
-
Attendance and engagement:
- Board met six times in 2024; each director exceeded 75% attendance thresholds, supporting baseline engagement; Compensation Committee met four times .
Overall, Schellenberg appears independent, professionally qualified, and appropriately engaged through Compensation Committee service. Absence of say-on-pay should be balanced by transparent committee process and consultant use; no direct conflicts identified in related-party disclosures related to him .