Forward Air's three directors resign amid activist pressure; shares climbs

ReutersJun 12, 2025 2:18 PM

Shares of Forward Air Corp FWRD.O soars 6% to $21 in early trade

FWRD said three board members, including chairman George Mayes, have resigned after activist investor Ancora Holdings mounted a campaign to unseat them

Among the trio, Javier Polit and Laurie Tucker, were re-elected but chose to resign immediately

Last month, Ancora, which owns roughly 4% of Forward Air, launched a "withhold the vote" campaign to force out the three directors over their support for an unpopular acquisition and to accelerate a sale of the company

Ancora said on Thursday that a well-run sale process of the co is urgently needed

Including session moves, shares are down 39.7% YTD

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