Activist hedge fund Ancora Holdings is calling for a boardroom shakeup at logistics firm Forward Air, targeting three directors for removal amid ongoing frustration over strategic missteps and a collapsing share price, according to a report by Reuters.
The report cites a letter to shareholders seen by Reuters, as revealing that Ancora has urged investors to withhold votes for Chairman George Mayes and directors Javier Polit and Laurie Tucker at the company’s annual meeting on 11 June. The hedge fund, which holds approximately 3% of Forward Air’s stock, is leveraging the company’s majority vote policy, which requires directors to step down if they receive less than 50.1% shareholder support.
Ancora’s campaign stems from the board’s handling of Forward Air’s $2.1bn acquisition of Omni Logistics in January and the perceived lack of urgency in executing a promised strategic review, which the company said it began in January 2025. Since then, Forward Air’s share price has plunged 56%, and is now hovering around $16.75 – a sharp decline from its 2021 peak of $121.
“We plan to send the Board a clear message that the status quo is unacceptable in light of the significant value that has been destroyed,” Ancora wrote citing “poor oversight” of the Omni transaction and the board’s failure to update shareholders meaningfully on the review process.
Ancora stopped short of launching a full proxy contest, opting instead for a withhold-the-vote strategy to maintain pressure while allowing time for a potential sale process to develop. The firm believes the company would be better positioned as a private entity, where it could repair its balance sheet, streamline operations, and regain stakeholder trust away from the scrutiny of public markets.
Forward Air has not yet responded to the letter. The company is scheduled to report Q1 earnings this week.
