Horizon Hobby Announces the Death of CEO Joseph Ambrose

It is with deep sadness that we announce the unexpected passing of Joe Ambrose. Joe passed away on January 4, 2019, at the age of 61, in Champaign, Illinois. Greg Lykins, board member and chairman of First Busey Corporation, said: “With Joe’s passing, we have lost a wonderful person and a visionary leader. Those of us who were fortunate enough to know Joe and work with him have lost a dear friend and an inspiring mentor.”

Joe joined Horizon Hobby in 2005 as Vice President of Distribution and was appointed President and CEO in 2008. In 2014, Joe led the acquisition of Horizon’s ESOP in partnership with Armory Capital and Mill City Capital. In 2018, Joe led the acquisition of Hobbico’s RC brands in the largest acquisition in the industry’s history.

In addition to leading Horizon Hobby, Joe had served on the board of directors of First Busey Corporation since 1993. Before joining Horizon, Joe practiced corporate law in Bloomington, Illinois, for 20 years.

Joe earned a bachelor’s degree in finance from the University of Illinois, a law degree from Indiana University, and an MBA from the Kellogg School of Management at Northwestern University.

Horizon Hobby’s management will work closely with its board of directors during the transition period.

Please respect the family’s privacy during this difficult time.