Billy Bishop, co-founder of Wilton-based Blue Buffalo Pet Products Inc., will become the firm”™s new CEO on Jan. 1, replacing retiring CEO Kurt Schmidt. The son of Blue Buffalo co-founder and chairman Bill Bishop, the younger man is currently president and chief operating officer.
“Passing the baton to Billy has always been part of our succession plan,” said Schmidt, who will remain with the company through the transition.
“It”™s a real honor to lead the company my family and I founded in the back of a barn many years ago,” Billy Bishop said. “I look forward to continuing our growth and success for years to come.”
Along with that announcement came word that Blue Buffalo posted third-quarter net sales of $288 million, an 11 percent increase on a year-over-year basis. Net income of $21 million was down 20.6 percent; adjusted income was $45 million, up 32.3 percent. Gross profit increased $24.9 million or 23 percent to $133.2 million.
