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

Forward Air (Delaware)

12/06/2025 15:18

** 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

 (Reporting by Apratim Sarkar)

 ((Apratim.Sarkar@thomsonreuters.com))