Forward Air chairman and 2 directors resign after shareholder vote, stock fluctuates

From Yahoo Finance: 2025-06-12 10:13:00

Forward Air Chairman George Mayes resigned following the annual shareholder meeting. Directors Javier Polit and Laurie Tucker voluntarily resigned. Activist investor Ancora Holdings Group targeted the removal of the directors. The Omni acquisition led to a large debt burden for Forward. Shares of FWRD are down 80% since the merger was announced.

Forward announced a strategic review in January. The board thanked the departing directors for their service. The board is now focused on advancing the strategic alternatives review. The board now consists of eight directors appointed since the Omni deal. Jerome Lorrain will serve as executive chairman.

Lorrain is also involved with Log-Hub and FluentCargo. Paul Svindland is the lead independent director. Shareholders approved a reincorporation to Delaware. Ancora expects a sale at a meaningful premium. Shares of FWRD were up 6.4% in early trading.



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