From Yahoo Finance: 2025-06-02 12:50:00

A proxy advisory firm supports activist investor Ancora’s call for shareholders to vote against three Forward Air board members at the upcoming annual meeting. Institutional Shareholder Services Inc. recommends rejecting the reelection of Chairman George Mayes and directors Javier Polit and Laurie Tucker due to a controversial merger with Omni Logistics. Shares of FWRD dropped 85% following the deal announcement.

Ancora accuses the board of governance failures related to the Omni acquisition. Shareholders have raised concerns about the board’s M&A decision-making and disregard for investors. A 50.1% vote is needed for the board members to be reelected, with results confirmed at the June 11 annual meeting. The company is also seeking approval for a reincorporation from Tennessee to Delaware.

Forward Air is exploring options to maximize value, including potential sale to private equity. The company has been in talks with interested parties and taking shareholder feedback into account. A spokesperson defended the board’s qualifications and engagement, stating that removing board members would be destabilizing. Ancora claims the board is hindering the strategic review process.



Read more at Yahoo Finance: Proxy adviser backs activist’s move to reshape Forward Air board