Forward Air Corporation announced significant changes to its Board of Directors following its 2025 Annual Meeting of Shareholders on June 12, 2025. The Board accepted the immediate resignation of Chairman George Mayes, Jr. Additionally, Javier Polit and Laurie Tucker voluntarily resigned, effective immediately, to allow the Board and management to focus on operations, the transformation plan, and the comprehensive strategic alternatives review.
The Board has reduced its size to eight directors, with six being independent, and all directors having been appointed since January 2024 as part of the board's refreshment process. Jerome Lorrain was appointed Executive Chairman and Paul Svindland was appointed Lead Independent Director, bringing extensive logistics and transportation experience to their new roles.
Shareholders also approved all other proposals, including the reincorporation of the company from Tennessee to Delaware. This reincorporation is a strategic move intended to provide greater flexibility for potential strategic transactions. Ancora Holdings Group commented that the vote represented a 'clear mandate' from shareholders for an expeditious strategic review leading to a value-maximizing sale.
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