Asset-light trucking and logistics provider Forward Air (NASDAQ: FWRD) announced Friday that Rebecca Garbrick will become the company’s CFO and treasurer effective July 4.
Garbrick joined Forward in November as VP and controller. She was named chief accounting officer in March. Garbrick has held various leadership roles in accounting and finance for companies like privately held Cox Media Group and agricultural equipment manufacturer AGCO Corp. (NYSE: AGCO).
“Rebecca has contributed a tremendous amount to our company in a relatively short time,” said Tom Schmitt, chairman, president and CEO. “She is a very capable leader who will drive our investor relations efforts and help inform our company’s strategic growth goals. She will be a welcome addition to our executive leadership team.”
Garbrick fills the CFO role, which had been vacant since late March after former financial head Michael Morris resigned. Morris’ departure came at the conclusion of a proxy battle with activist investors that were successful in gaining say over five boards seats, two of which they occupy.
Garbrick seemingly assumes the role as financial head at the right time. The company and industry are emerging from a COVID world, which materially impacted volumes in Forward’s airport-to-airport network that serves the airlines, cruise lines and other events and services industries.
Forward has made several acquisitions in recent years as it fills out its product offering to include more penetration in final-mile delivery and intermodal service. The company has also been executing a plan to build volume density throughout its terminals by offering a more traditional less-than-truckload service.
A separate filing with the Securities and Exchange Commission showed Garbrick will earn a base salary of $350,000 a year. She is also eligible for annual cash incentive comp, which has a target of 75% of base salary, and a long-term incentive award with a target grant value equal to her salary.
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