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

Forward Air (Delaware)

12/06/2025 15:44

Updates

** 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

 (Reporting by Apratim Sarkar)

 ((Apratim.Sarkar@thomsonreuters.com))