Forward Air Board Conducts Business Review, Considers Sale

Dow Jones

2025/01/06

By Sabela Ojea

Forward Air said its board of directors has initiated a review of the business and will consider options including a sale of the company.

The Greenville, Tenn., expedited trucker on Monday said that the board will also consider other options, such as a merger to boost shareholder value.

Under Forward Air's new leadership team, the company is stabilizing the business and advancing the early stages of its transformation to become a global logistics powerhouse through the implementation of its strategic plan, said George Mayes, independent chairman of the board.

The company's Chief Executive Shawn Stewart and Finance Chief Jamie Pierson have been leading the company since April and May of 2024, respectively. Mayes took over his role in February.

The news come a month after Forward Air's president and chief operating officer Chris Ruble was terminated.

Last November, the company swung to a third-quarter loss and said it was difficult to forecast the next freight cycle after seeing its expedited freight segment perform below management expectations.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

January 06, 2025 08:17 ET (13:17 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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