Ex-Ceva EVP Eric Brandt takes CCO role at Forward Air
Troubled Forward Air yesterday announced that Eric Brandt had joined the company as Chief Commercial ...
© Andrii Yalanskyi
PRESS RELEASE
Forward Air Announces Board Review of Strategic Alternatives to Maximize Shareholder Value
Amends Senior Secured Term Loan Credit Agreement
Implements Initial Phase of Transformation Strategy, Reducing Annual Operational Expenditures by Approximately $20 Million
Reaffirms Full Year 2024 Consolidated EBITDA Guidance of $300 Million to $310 Million
GREENEVILLE, Tenn.–(BUSINESS WIRE)–Forward Air Corporation (NASDAQ:FWRD) (the “Company” or “Forward”) today announced that its Board of Directors has initiated a comprehensive review of strategic alternatives to maximize shareholder value. The Board will consider a range of options, including a potential sale, merger or other strategic or financial transaction relative to the long-term value potential of the Company on a standalone basis.
George Mayes, Independent Chairman of the Board of Directors, said, “Under Forward Air’s new leadership team, the Company is making tangible progress executing the Omni integration and delivering on synergy targets ahead of schedule, while stabilizing the business and advancing the early stages of transforming the Company to become a global logistics powerhouse through the implementation of its strategic plan. While this work is underway, the Board and management team have been actively analyzing the business and strategy to ensure the Company pursues the best path forward to enhance shareholder value. To be comprehensive in its assessment of value creation opportunities, the Board has initiated this exploration of strategic alternatives and is committed to pursuing a path that will maximize shareholder value. Regardless of the outcome of this review, Forward will not waver in its commitment to our customers to deliver consistent high-quality service.”
The Board has not set a timetable for the conclusion of this review, nor has it made any decisions related to any further actions or potential strategic alternatives at this time. There can be no assurance that any transaction or other strategic outcome will be approved by the Board or otherwise consummated. The Company does not intend to disclose developments relating to this process until it determines that further disclosure is appropriate or necessary.
Goldman Sachs & Co. LLC is serving as financial advisor, and Jones Day is serving as legal counsel…
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