1. Majority of shareholders rejected reelection of three board members. 2. Shareholders demand expedited strategic review leading to a sale. 3. Directors lost due to concerns over board's value track record. 4. Ancora highlights need for legitimate review of Forward Air's opportunities. 5. Resignations could empower new board for better decision-making.
The pressure on the board suggests potential for favorable outcomes like acquisitions, historically leading to stock price increases.
Shareholder dissent signals potential shifts in strategy, which directly affects investor confidence and stock performance.
Immediate changes in board composition can influence stock behavior quickly, evident from past shareholder activism outcomes.
CLEVELAND--(BUSINESS WIRE)-- Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), a significant shareholder of Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”), today issued the following statement regarding the announced voting results of the Company’s 2025 Annual Meeting of Shareholders.
“This vote is a clear mandate that shareholders expect Forward Air to expeditiously complete a credible strategic review that leads to a sale at a meaningful premium. Absent the more than 30% of shares that were legally committed to vote for the incumbent Board, Chairman George Mayes, Jr., Javier Polit, and Laurie Tucker lost in a landslide, highlighting the substantial level of concern regarding the legitimacy of the Board’s strategic review. We believe the resignations of these legacy directors will empower the Board to carry out a thorough assessment of value-maximizing opportunities.”
About Ancora
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora’s comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit www.ancoraalts.com.