Activist investor Ancora has called on Forward Air’s board to consider a sale of the company and to begin engaging with potential buyers.
A preliminary report on how Norfolk Southern did in the first quarter comes as the showdown over its future nears a climax.
Norfolk Southern’s annual meeting will be May 9, when the push to oust current management comes to a head.
Barber parece la opción más probable, pero aún no ha ocurrido nada
C.H. Robinson is not rushing to select Jim Barber as CEO, leading some to wonder if he is the perfect fit for the demanding job.
Activist investor Ancora Advisors gains two seats on Forward Air’s board and endorses three others. The company’s former CFO has been brought on in a consulting role.
The activist investor group seeking changes at Forward Air said the company’s recent results and guidance are “substandard” in a letter to shareholders. The group also asserts that Forward was “disingenuous” in the way it provided updates on fourth-quarter results, suggesting it was fearful of receiving other board nominations.
Amid heightened scrutiny over the direction of the company, Forward Air’s management team defends its current strategy. Fourth-quarter results were negatively impacted by a December cyberattack.
In today’s edition of The Daily Dash, an activist investor wants changes at Forward Air. Plus, a strong start to 2021 for LTL carriers; reshoring is coming into vogue; and recapping FreightWaves’ Health & Pharma Supply Chain virtual event.
An open letter from activist investor Ancora Advisors says “ineffective capital allocation” and diversification into “margin- and return-dilutive service offerings” have led to inferior results for Forward Air compared to other less-than-truckload carriers.
Past Forward Air CFO Andy Clarke outlines his outlook for improving returns at his former company. He represents an activist investor group, which includes turnaround investment firm Ancora Advisors and Forward’s founder.
Former executives at Forward Air along with an activist investor have been acquiring shares since October in efforts to make changes to the management team, board and capital allocation strategy, which may include divesting “non-core assets.”
