x

Posted 15 March, 2021

FORWARD AIR CORP appointed new CEO

CEO Change detected for ticker Nasdaq:FWRD in a 8-K filed on 15 March, 2021.


  Until Mr. Morris' successor is appointed, Mr. Tom Schmitt, the Company's Chief Executive Officer will be acting as the Company's Chief Financial Officer.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of FORWARD AIR CORP
Transportation/Logistics • Trucking
Forward Air Corp. engages in the provision of less-than-truckload (LTL), truckload, intermodal and pool distribution services. It operates through the following segments: Expedited LTL and Intermodal. The Expedited LTL segment provides expedited regional, inter-regional and national LTL, final mile and truckload services. The Intermodal segment provides first and last-mile high value intermodal container drayage services to and from seaports and railheads. The company was founded by Scott M. Niswonger on October 23, 1981 and is headquartered in Greeneville, TN.
Market Cap
$780M
View Company Details
FORWARD AIR CORP by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


(b) On March 14, 2021, Michael J. Morris, Chief Financial Officer ("CFO") and Treasurer of Forward Air Corporation (the "Company"), notified the Company of his decision to resign from his position. Having served in public company financial roles for 24 years, Mr. Morris expressed his desire to diversify his career experience by serving as the chief financial officer of a privately held portfolio company. Mr. Morris indicated that while he had no current intent to transition to such a role, he was presented with a unique opportunity that accelerated his plans. There are no disagreements between Mr. Morris and the Company. Mr. Morris indicated that he remains supportive of Forward Air's strategy, leadership team and Board of Directors, and that his decision was solely a personal career choice which did not relate to any issues regarding the Company's financial statements or internal controls. The Company is engaging an executive search firm to conduct a search to identify candidates for Mr. Morris' successor and is taking steps to enable the search to proceed in an expedited manner.


During his tenure with the Company, Mr. Morris developed an experienced and capable finance and accounting organization. Until Mr. Morris' successor is appointed, Mr. Tom Schmitt, the Company's Chief Executive Officer will be acting as the Company's Chief Financial Officer. Also, Ms. Rebecca Garbrick, the Company's Vice President and Controller, will serve as the Company's Principal Accounting Officer. The Company and Mr. Morris agreed that Mr. Morris' resignation will become effective March 27, 2021, and that Mr. Morris will serve as an advisor for up to six months to facilitate a smooth transition. In this capacity, Mr. Morris will provide assistance, as agreed, to Mr. Schmitt in managing the finance function until Mr. Morris' successor is appointed, to the Company's board of directors and leadership team in identifying a suitable successor and to his successor as he or she transitions into the new role. Under the advisory agreement, Mr. Morris will be paid a fixed fee of $10,000 per month until his successor is appointed and then $5,000 per month until the agreement is terminated.