Christian Schreyer Takes the Helm at Ebusco as Founders Peter Bijvelds and Michiel Peters Step Down as Co-CEOs

Ebusco’s Supervisory Board has announced the appointment of Christian Schreyer as the new CEO as part of the company’s turnaround strategy. The decision followed an internal review, which concluded that the organization should be led by a single CEO with proven experience in public transport management. Founders Peter Bijvelds and Michiel Peters will step down as Co-CEOs on September 2.

Ebusco’s financial results for the first half of 2024 reveal an EBITDA loss of $67.2 million, a 40% increase from the $47.6 million loss in 2023 and a revenue decline to approximately $42.1 million, down 8.8%. Only 98 buses were delivered despite an order book of 1,662 buses. The company attributed the low delivery numbers to startup inefficiencies with contract manufacturers. To address these challenges, Ebusco is shifting its strategy to assemble its 3.0 model in China through an external partner, a change first announced in March 2023.

The company’s share price has fallen to $1.04, reflecting an 87% decrease over the past year. Since going public in October 2021, Ebusco has experienced a staggering 96% drop from its initial share price of around $25.5.

Ebusco stated that the leadership change comes at a critical time. Peter Bijvelds agreed it was the right moment for a transition, while Michiel Peters, who had been chairing the Executive Team since June, concluded that a single CEO with relevant sector experience was necessary for the company’s future. Consequently, Peters will also step down.

Christian Schreyer, who brings extensive experience in the transportation sector, will assume his new role on September 2 as CEO and Chairman of the Executive Team. Ebusco plans to convene an Extraordinary General Meeting (EGM) to formalize his appointment and present its turnaround and financing plans. The company has already secured financial backing from several major shareholders who support Schreyer’s leadership.

Schreyer previously served as Group CEO of The Go-Ahead Group and held leadership positions at Transdev, Deutsche Bahn, and DB Cargo Polska. He holds a Master of Laws degree from Ludwig-Maximilians Universität Munich and completed a General Management Program at Harvard Business School.

In addition to these changes, Ebusco announced that Ruud Spoor and Saskia Schatteman will step down from the Supervisory Board due to health and personal reasons, respectively. Both departures are effective immediately, and the company expressed gratitude for their service.

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