Jun. 2 at 11:16 AM
$FWRD Forward Air shareholders recommended to vote against legacy directors by ISS
Ancora Holdings Group, a significant shareholder of Forward Air Corporation, announced that Institutional Shareholder Services, ISS, recommends that Forward Air shareholders vote AGAINST the reelection of three members of the Board of Directors at the 2025 Annual Meeting of Shareholders: Chairman and Compensation Committee Chair George S. Mayes, Jr., Audit Committee Member Javier Polit and Corporate Governance and Nominating Committee Chair Laurie A. Tucker.
In its report, ISS notes the following regarding the case for change at Forward Air: "In light of the urgency for a well-run strategic review process, coupled with the governance failures related to the value-destructive Omni acquisition, there is a case for change at the board level." "Shareholders have every right to be concerned about the likelihood of a positive outcome given the board's track record on M&A decision making and the board's utter disregard for investors in the past."
"(Voting against the reelection of these directors would) signal to the board that shareholders expect a genuine, timely, and thorough process."
