Forward Air CEO Tom Schmitt departs; shares fall

Forward Air (Delaware)

07/02/2024 16:29

** Shares of air freight and logistics provider Forward Air
 FWRD.O  fall 1.81% to $42.71 after co says President and CEO
Tom Schmitt has departed the company 
    ** FWRD names insider Michael Hance as its interim CEO
effective immediately
     ** Co's current COO Chris Ruble to assume the role of
President
    ** Co says its Board has formed a search committee to
identify a permanent CEO replacement
    ** 3 of 8 brokerages rate the stock "buy" or higher, 4
"hold" and 1 "strong sell"; their median PT is $70
    ** FWRD down 32.04% YTD and had fallen 40.06% in 2023

 (Reporting by Abhinav Parmar in Bengaluru)
 ((abhinav.parmar@thomsonreuters.com))