Forward Air's three directors resign amid activist pressure; shares rise
ReutersJun 12, 2025 2:44 PM
Shares of Forward Air Corp FWRD.O rise 9% to $21.20, hitting nearly three-month high
Stock trading at its highest since late March
FWRD says three board members, including chairman George Mayes, have resigned after activist investor Ancora Holdings mounted campaign to unseat them
Among the trio, Javier Polit and Laurie Tucker were re-elected but chose to resign immediately
Ancora, which owns roughly 4% of Forward Air, launched "withhold the vote" campaign last month to force out the three directors over their support for an unpopular acquisition and to accelerate sale of the company
Ancora says well-run sale process of the company is urgently needed
Including session's moves, shares down 34.4% YTD
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