GREENEVILLE, Tenn. - Forward Air (NASDAQ:FWRD) Corporation (NASDAQ: FWRD), an asset-light provider of transportation services, has appointed Shawn Stewart as its new Chief Executive Officer and a member of the Board of Directors, effective April 28, 2024.
The announcement follows a period of leadership transition during which Michael Hance served as the Interim CEO. Hance will continue in his role as Chief Legal Officer and Secretary of the company.
Stewart brings nearly 30 years of logistics and transportation experience to Forward Air, having previously held multiple leadership roles at CEVA Logistics.
As President and Managing Director for North America at CEVA, Stewart was responsible for a significant network of operations and a team of over 15,000 employees, guiding the company through substantial growth and improved operational efficiency. His tenure at CEVA was marked by a nearly 25% increase in Net Promoter Score and a reduction in direct operating expenses.
Before his time at CEVA, Stewart served in the US Navy, earning the Navy Achievement Medal for his service. The Independent Chairman of Forward Air, George Mayes, expressed confidence in Stewart's ability to lead the company to future success, citing his deep industry knowledge and proven track record.
Stewart's appointment comes at a time when Forward Air, together with Omni Logistics, is positioned as an industry leader committed to delivering world-class service. Stewart acknowledged the resilience of both teams during challenging market conditions and a lengthy transition period, expressing eagerness to build on the company's achievements.
In addition to the leadership change, Forward Air also announced that it will release its first quarter 2024 earnings after market close on May 8, 2024, with a conference call to discuss the results scheduled for May 9, 2024, at 10:00 a.m. ET.
This news is based on a press release statement from Forward Air Corporation.
InvestingPro Insights
As Forward Air Corporation (NASDAQ: FWRD) welcomes Shawn Stewart as the new CEO, the company's financials and market performance provide a backdrop for assessing its future under new leadership. According to InvestingPro data, Forward Air has a market capitalization of $621.02 million and a price-to-earnings (P/E) ratio of 11.77 based on the last twelve months as of Q4 2023. Despite a challenging year with revenue growth declining by 18.39%, the company has maintained a gross profit margin of 28.27%, highlighting its ability to retain profitability amidst headwinds.
InvestingPro Tips suggest that management's aggressive share buybacks and the analysts' anticipation of sales growth in the current year could signal confidence in the company's strategy and future prospects. Moreover, the valuation implies a strong free cash flow yield, which could be attractive to investors seeking companies with solid financial health and the potential for cash generation. Notably, Forward Air has also upheld its dividend payments for 19 consecutive years, demonstrating a commitment to shareholder returns, even as the stock has experienced significant price declines over the past year.
The company is currently trading near its 52-week low, with the price having fallen significantly over various periods, including a 78.44% drop in the last year. This could present a potential opportunity for investors considering the company's long-term profitability track record and the analysts' prediction that Forward Air will remain profitable this year.
For those looking to delve deeper into Forward Air's potential, InvestingPro offers additional insights and metrics, including 12 more InvestingPro Tips, which can be explored at https://www.investing.com/pro/FWRD. To access these insights, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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