On June 2, 2025, leading independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass, Lewis & Co. recommended that Forward Air Corporation shareholders vote AGAINST the reelection of Chairman George S. Mayes, Jr., Director Javier Polit, and Director Laurie A. Tucker. This endorsement significantly bolsters the activist campaign led by Ancora Holdings Group.
ISS cited the directors' 'destructive decision-making' and emphasized the 'urgency for a well-run strategic review process' to prevent further value destruction. Glass Lewis concurred, stating that these three directors are unlikely to be 'procedurally accretive' to the ongoing strategic review, reinforcing concerns about their ability to objectively oversee a potential sale.
Adding to the pressure, Lakeview Investment Group & Trading Company, LLC announced on June 5, 2025, its intention to withhold support for the same three incumbent directors. Lakeview aligned with other investors and proxy advisory firms, stressing the need to remove long-standing directors associated with value-destructive acquisitions and to accelerate a strategic review for a value-maximizing sale.
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