Edward Hightower
About Edward T. Hightower
Independent Class I director at Blue Bird Corporation since October 23, 2024; age 59 as of January 15, 2025. Founder and Managing Director of Motoring Ventures LLC (since 2011), former CEO/President of Lordstown Motors Corp. (2021–2024), and former CEO of the Lordstown–Foxconn EV design/engineering JV. Holds a B.S. in General Engineering (University of Illinois Urbana-Champaign) and an MBA (University of Michigan Ross) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Motoring Ventures LLC | Founder & Managing Director | Since 2011 | Investment, growth, strategy, operations in global auto industry |
| Lordstown Motors Corp. | CEO & President | 2021–2024 | Led operational turnaround; launched Endurance EV pickup; Chapter 11 filed June 2023; reorg plan approved March 2024 |
| Lordstown–Foxconn JV | CEO | Not disclosed | EV design and engineering JV leadership |
| Ford Motor Company | Senior engineering/marketing/business development roles | Not disclosed | Operating leadership experience |
| BMW of North America | Senior roles | Not disclosed | Operating leadership experience |
| General Motors Company | Senior roles | Not disclosed | Operating leadership experience |
| AlixPartners LLP | Consultant (growth/strategy/ops/M&A) | Not disclosed | Hands-on operations/turnaround consulting |
External Roles
| Organization | Role | Status/Timing | Notes |
|---|---|---|---|
| Motoring Ventures LLC | Founder & Managing Director | Current; since 2011 | Automotive-focused advisory/consulting firm |
| Public company boards (other than BLBD) | — | Not disclosed | No other public directorships disclosed in proxy/8-K |
Board Governance
- Classification and Term: Class I director; term expires at 2027 Annual Meeting .
- Independence: Board determined all directors other than the CEO (Horlock) are independent; Hightower participates in independent director sessions .
- Committee Assignments: Audit Committee member (Chair: Mark Blaufuss; members: Blaufuss, Hightower, Thau). Audit met 5 times in FY2024; responsibilities include oversight of financial reporting/internal controls, ERM including cybersecurity, ESG program, and related-party transaction approval .
- Attendance: Board met 8 times in FY2024; Board reports all directors attended ≥75% of Board and applicable committee meetings; all directors attended the 2024 Annual Meeting (note: Hightower joined post-FY2024) .
Fixed Compensation
| Year | Cash Retainer | Committee Chair Fees | Audit Chair Premium | Meeting Fees |
|---|---|---|---|---|
| FY2024 | $0 (joined 10/23/24; not eligible in FY2024) | n/a | n/a | None (no meeting fees) |
| Program terms (effective FY2024/FY2025) | $75,000 per year, paid quarterly to directors | $7,500 per year (committee chairs) | $15,000 per year (Audit Committee Chair) | None |
Performance Compensation
| Equity Component | Annual Grant Value | Grant Timing | Vesting | Settlement |
|---|---|---|---|---|
| RSUs (directors) | $75,000 (Chairman: $100,000) | Awarded April 1 each fiscal year | Vest on April 1 of following fiscal year | For grants beginning FY2025, settle on vesting date (previously at termination or change-in-control) |
| Options (directors) | Not granted | — | — | Directors do not receive options |
- Stock Ownership Guidelines: Directors must hold equity valued at 2× the base annual cash retainer (2 × $75,000 = $150,000); executives also subject to 2× salary; can satisfy with vested/unvested RSUs/options; effective beginning FY2025 .
- Hedging/Pledging Prohibited: Insider trading policy prohibits hedging, short sales, and pledging of Company stock by directors/officers/employees .
- Clawback: Company-wide clawback policy applies to executive incentive compensation tied to financial reporting measures after restatements; directors’ RSUs are time-based and not subject to the executive clawback structure .
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | None disclosed beyond BLBD |
| Private/non-profit/academic boards | Not disclosed for Hightower |
| Interlocks with BLBD competitors/suppliers/customers | None disclosed; 8-K states no related transactions or arrangements leading to election |
Expertise & Qualifications
- 35+ years in global automotive; senior roles at Ford, BMW NA, GM; hands-on turnaround/operations consulting at AlixPartners .
- EV leadership (Lordstown CEO/President; JV with Foxconn), operational launch of Endurance EV pickup .
- Engineering and business credentials (BS General Engineering; MBA Michigan Ross) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes (as of Record Date 1/15/2025) |
|---|---|---|---|
| Edward T. Hightower | — | — | No reported beneficial ownership; 32,111,078 shares outstanding |
Governance Assessment
- Independence and Committee Role: Independent director placed on Audit Committee, which monitors financial reporting, ERM/cybersecurity, ESG, and related-party transactions—solid governance signal for financial oversight .
- Ownership Alignment: As of January 15, 2025, Hightower held no BLBD shares; new stock ownership guidelines (2× retainer) should drive alignment over time—monitor progress to guideline compliance given recent appointment .
- Conflicts/Related Parties: 8-K affirms no related person transactions and no arrangements/understandings tied to his election; Company policy requires Audit Committee pre-approval for related-party transactions (e.g., LightSource engagement approved by Audit Committee)—no Hightower involvement disclosed in that transaction .
- Attendance/Engagement: Board reports strong attendance and Annual Meeting participation in FY2024; Hightower’s tenure began after FY2024—monitor FY2025 attendance for engagement pattern .
- Track Record Considerations: Association with Lordstown’s Chapter 11 (June 2023) and reorganization (March 2024) reflects turnaround experience but carries reputational risk; however, EV operational launch experience is pertinent to Blue Bird’s alternative power strategy .
Signals for investors: Audit Committee placement and independence bolster board effectiveness; initial zero ownership is a short-term alignment gap mitigated by RSU grants and new ownership guidelines; no disclosed conflicts or related-party exposures tied to Hightower support investor confidence .