FORWARD AIR CORP

Forward Air Corporation announced that Jerome Lorrain resigned as Executive Chairman of the Board, effective July 10, 2026. Mr. Lorrain will continue to serve as a non-employee director. In connection with this transition, his outstanding restricted stock awards were amended to continue vesting, but his performance-based and special one-time equity awards were forfeited. Concurrently, Christine M. Gorjanc was appointed as the independent Chair of the Board.

Forward Air Corporation held its annual meeting of stockholders on June 17, 2026, where all proposals were approved. Stockholders elected five directors to the Board, approved the compensation of named executive officers on an advisory basis, and ratified KPMG LLP as the independent auditor for the 2026 fiscal year. Additionally, an amendment to the 2025 Omnibus Incentive Compensation Plan was approved.

Forward Air Corporation reported a reduced net loss of $34.3 million for Q1 2026, significantly improving from a $50.6 million loss in Q1 2025. Despite a decrease in operating revenues to $582.0 million, the company saw a substantial increase in income from operations to $20.4 million. Cash flow from operating activities also improved, reaching $45.7 million, and a settlement was reached in a shareholder complaint related to the Omni Acquisition.

Forward Air reported Q1 2026 financial results, showing improved operating income and strong liquidity. The company announced active discussions with a major customer, representing $250 million in FY2025 revenue, regarding the transition of a significant portion of their business starting early 2027. Following a comprehensive review of strategic alternatives, the Board decided against a full company sale and will instead pursue the divestment of non-core assets, including the Intermodal segment and two smaller Omni businesses, to delever the balance sheet.

FORWARD AIR CORP announced that directors Charles L. Anderson and Robert L. Edwards, Jr. will not seek re-election at the upcoming June 17, 2026 Annual Meeting. Both directors were designated by Ridgemont Equity Partners, which does not plan to nominate replacements for this election but reserves future designation rights. Their decision was not due to any disagreement with the company. Following the Annual Meeting, the Board will reduce its size from seven to five directors.

FORWARD AIR CORP (FWRD) has filed its definitive proxy statement (DEF 14A) for its 2026 Annual Meeting of Stockholders, scheduled for June 17, 2026. Stockholders will vote on the election of five directors, an advisory resolution on executive compensation, the ratification of KPMG LLP as the independent auditor, and an amendment to increase shares authorized under the 2025 Omnibus Incentive Compensation Plan. The Board of Directors recommends voting 'FOR' all proposals.