Forward Air Corporation Appoints New Director

Rhea-AI Summary

Forward Air (NASDAQ:FWRD) has announced the appointment of Jerome Lorrain to its Board of Directors, effective October 1, 2024. Lorrain brings over 30 years of experience in the logistics and transportation industry, having previously served as COO of CEVA Logistics and currently holding director positions at Log-Hub and FluentCargo. The company also announced that R. Craig Carlock will step down from the Board on October 15, 2024, as part of Forward's commitment to ongoing refreshment.

Following these changes, Forward's Board will maintain twelve directors, with eleven being independent and seven appointed since the Omni transaction. The company emphasizes that Lorrain's expertise will add significant value as they continue their integration and transformation journey, leveraging their expanded platform to provide domestic expedited less-than-truckload services, global freight forwarding, and contract logistics services.

Positive

• Appointment of Jerome Lorrain brings 30+ years of industry experience to the Board
• Board maintains a high level of independence with 11 out of 12 directors being independent
• Ongoing board refreshment with 7 new directors appointed since the Omni transaction

Negative

• None.

GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”) today announced that Jerome Lorrain has been appointed to Forward’s Board of Directors (the “Board”) effective October 1, 2024.

Mr. Lorrain has over 30 years of experience serving in a variety of roles in the logistics and transportation industry. He previously served as Chief Operating Officer of CEVA Logistics, a global end-to-end logistics company, and currently serves as director of Log-Hub, a supply chain solution and optimization company, and as the executive chairman of FluentCargo, a routing solutions provider. Additionally, Mr. Lorrain formerly served as a director of SeaFrigo and as the chairman of Arrive Logistics and Pilot Freight Services.

George Mayes, Independent Chairman of the Board, said “On behalf of the Board, I want to welcome Jerome as a new director of Forward Air. His experience in the transportation and logistics sector will add tremendous value to our Board, our Company and its 7,000+ employees. His insights and experience will serve us well as we continue our integration and transformation journey, leveraging the unique platform created by our transaction with Omni from which we are now providing best-in-class domestic expedited less-than-truckload services, as well as global freight forwarding and contract logistics services.”

The Company also announced that R. Craig Carlock has decided to step down from the Board, effective October 15, 2024, consistent with Forward’s commitment to ongoing refreshment.

Mr. Mayes continued, “The Board and I would like to thank Craig for his partnership and contributions over the last nine years and wish him all the best in his future endeavors.”

Giving effect to today’s announcement, following Mr. Carlock’s departure, the Board will continue to be comprised of twelve directors, eleven of whom are independent and seven of whom have been appointed since closing of the Omni transaction.

Forward Air Corporation

Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardaircorp.com.

Note Regarding Forward-Looking Statements

This press release may contain statements that might be considered as forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate”, “expect”, “intend”, “plan”, “goal”, “target”, “project”, “believe”, “may”, “should”, “will”, “aim”, “would”, “seek”, “estimate”, “strategy”, “future”, “likely” and similar references to future periods. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties including the Company’s expectations regarding the appointment of senior management positions. Actual events may also differ from these expectations as a result of the risks identified from time to time in our filings with the Securities and Exchange Commission. You should consider the forward-looking statements contained herein in light of such risks. We assume no duty to update these statements as of any future date.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241003105797/en/

Justin Moss

(404) 362-8933

jmoss@forwardair.com

Source: Forward Air Corporation

FAQ

Who is the new director appointed to Forward Air 's (FWRD) Board?

Jerome Lorrain has been appointed to Forward Air 's Board of Directors, effective October 1, 2024.

What is Jerome Lorrain's background in the logistics industry?

Jerome Lorrain has over 30 years of experience in the logistics and transportation industry, including serving as COO of CEVA Logistics and holding director positions at Log-Hub and FluentCargo.

When will R. Craig Carlock step down from Forward Air 's (FWRD) Board?

R. Craig Carlock will step down from Forward Air 's Board effective October 15, 2024, as part of the company's commitment to ongoing board refreshment.

How many independent directors will Forward Air (FWRD) have after these changes?

After these changes, Forward Air will have eleven independent directors out of a total of twelve board members.