Irenic Capital Announces Its Intention to Vote Against Forward Air?s Board of Directors

Published: 2025-05-14 09:50:00 ET FWRD

Published on 05/14/2025 at 09:50, updated on 05/14/2025 at 15:35

On May 14, 2025, Irenic Capital Management, LP announced that it intends to vote against certain members of Forward Air Corporation?s board of directors at the 2025 Annual Meeting of Shareholders. In addition, Irenic Capital stated that based on its independent analysis, it agrees with Ancora Holdings Group?s decision to withhold support for certain directors at Company?s Annual Meeting, and it stated that Company?s directors circumvented the requirement to give shareholders a vote on the acquisition of Omni Logistics LLC in 2023. Further, Irenic Capital stated that Company?s board?s maneuvers undermined the shareholder franchise on which the legitimacy of Board-led governance rests, while it respects these 3 directors as individuals, Company?s legacy directors, who usurped authority that properly belongs to shareholders, should have no role in the Company?s governance.