Home / Forward Air: Leadership Shakeup, Freightos Deal, & Earnings

Forward Air: Leadership Shakeup, Freightos Deal, & Earnings

By: Jasmin Espinas
June 12, 2025

Forward Air operates as a national ground transportation provider, offering time-sensitive LTL, final-mile, and intermodal services.

The company’s role in the freight industry centers on precision delivery for shippers and logistics partners that rely on dependable timing.

Forward Air has recently undergone a series of notable changes. This article outlines three key developments: chairman and board director resignations, a partnership with Freightos, and earnings results for Q1 2025.

Latest News: Forward Air Chairman and Two Directors Step Down After Shareholder Vote

On June 12, Forward Air confirmed that Chairman George Mayes resigned following its annual shareholder meeting.

Under the company’s board policy, directors must step down if they fail to secure at least 50.1% of the vote. Mayes did not meet that threshold.

Although directors Javier Polit and Laurie Tucker retained majority support, they resigned voluntarily.

According to the company’s statement, their departure aims to remove distractions and allow leadership to concentrate on operations, the ongoing transformation plan, and a full review of strategic alternatives.

These changes follow weeks of pressure from Ancora Holdings Group, an activist investor that publicly pushed for the removal of all three.

Ancora criticized the directors for their involvement in Forward’s acquisition of Omni Logistics, calling it poorly executed and misaligned with shareholder interests.

Ancora also responded to the vote with a public statement.

The deal, which avoided a shareholder vote, increased Forward’s net leverage to 5.3 times EBITDA by the end of Q1.

It also gave Omni’s private equity backers 38% voting power, enough to approve board nominees without broader input.

Facing investor backlash, Forward announced a strategic review in January to consider all options, including a potential sale.

Since the Omni acquisition, the entire board has turned over, with eight directors currently remaining.

Jerome Lorrain has been named executive chairman. He brings operational experience from past roles at CEVA Logistics, Log-Hub, and Fluent Cargo.

Paul Svindland, who now serves as lead independent director, is also chairman at STG Logistics.

Forward Air Gains Shareholder Approval for Delaware Reincorporation

Forward Air also announced on June 12 that shareholders approved its proposal to reincorporate in Delaware.

The company cited Delaware’s corporate governance structure as a driving factor, pointing to the legal and procedural flexibility it offers during transactions, including a potential sale.

The firm interpreted the outcome as a strong message from investors, urging Forward to complete its strategic review without delay and pursue a sale that delivers clear value.

Forward Air Partners with Freightos to Scale LTL Bookings Through 7LFreight

On June 9, Forward Air and Freightos announced a deeper integration that aims to simplify how freight forwarders book less-than-truckload and linehaul services.

This partnership expands the 7LFreight by WebCargo platform, adding real-time booking for Forward’s services across nearly 11,000 lanes and over 100 facilities that collectively cover 96% of U.S. ZIP codes.

Previously limited to rate distribution, the integration now supports full-service booking across airport-to-door, door-to-airport, and door-to-door routes.

Additionally, Forward plans to add airport cartage options next, aligning its LTL network with Freightos’ airfreight booking tools to support more efficient first- and last-mile coordination.

Forward Air Q1 2025 Earnings Show Revenue Growth and Smaller Net Loss

Forward Air reported first-quarter revenue of $613 million, up from $542 million in the same period last year.

The company posted a net loss of $61.2 million, a narrower figure compared to the prior year, as it worked to stabilize operations and integrate its Omni Logistics acquisition.

Income from operations improved to $5 million, reversing a $66 million loss reported in Q1 2024.

Meanwhile, consolidated EBITDA rose to $69 million for the quarter, with trailing 12-month EBITDA reaching $313 million. According to its credit agreement, this gave the company a $66 million cushion under its first lien net leverage covenant.

CEO Shawn Stewart credited the improvement to better pricing controls and operational discipline, particularly within the Expedited Freight segment.

Pricing changes, finalized in February, helped increase revenue per hundredweight by 4.3% over Q4 2024 and by 2.5% year-over-year, excluding fuel.

CFO Jamie Pierson also highlighted liquidity gains. Forward ended Q1 with $393 million in liquidity, slightly higher than the previous quarter.

Lastly, cash flow from operations helped offset interest expenses and integration costs related to the Omni deal.