Activist investor Ancora Holdings is urging Forward Air to launch a strategic review and consider a sale, and it warned that a board challenge might follow...
NEW YORK - Activist investor Ancora Holdings is urging Forward Air to launch a strategic review and consider a sale, and it warned that a board challenge might follow if investors' calls for action are ignored.
In January, Forward Air completed its $3.2 billion purchase of Omni Logistics, a move many shareholders criticized. In February, CEO Tom Schmitt left. In April, Shawn Stewart was named CEO. Investors who own roughly more than one-fifth of Forward Air's outstanding shares have already thrown their weight behind starting a strategic review, the letter said.
"In the event such overwhelming consensus is ignored, we expect there will be a formidable campaign to replace several members of the Board – particularly those who pushed through this year’s disastrous acquisition – at the 2025 Annual Meeting of Shareholders," the letter said. Previously, Ancora pushed for changes at freight broker C.H. Robinson, where it placed two people on the board and helped push out a former CEO. At railroad Norfolk Southern, it won three board seats in a bitter board room battle this year.A hunter is recovering in hospital in Alaska after being mauled by a bear before being shot in the leg during efforts to fend it off, US authorities said.
Freight Forwarding Company Activist Investor Ancora
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