Forward Air Announces Leadership Transition

Forward Air Corporation (NASDAQ: FWRD) (“Forward” or the “Company”) today announced that Shawn Stewart has been named Chief Executive Officer and a Director of the Board, effective April 28, 2024. Michael Hance, who served as Interim CEO, will continue to serve as Chief Legal Officer and Secretary.

Mr. Stewart is a seasoned executive with nearly three decades of experience in logistics and transportation. During his tenure at CEVA Logistics, a global end-to-end logistics company, Mr. Stewart held numerous leadership positions and most recently served as President and Managing Director, North America. In this role, Mr. Stewart spearheaded the growth and development of the region, overseeing a vast network of operations across the United States, Canada, Mexico and the Caribbean Islands. He was responsible for a diverse team of more than 15,000 employees and more than $5 billion in top-line turnover.

Under Mr. Stewart’s leadership, CEVA Logistics experienced substantial business growth and operational improvements, including a nearly 25% increase in Net Promoter Score (NPS) and a double-digit reduction in direct operating expenses. Mr. Stewart’s commitment to operational excellence and his customer-centric approach consistently delivered results, including improvement of on-time service metrics.

Prior to CEVA, Mr. Stewart served with distinction in the US Navy, where he received the Navy Achievement Medal for his exemplary service aboard the USS Inchon and USS Theodore Roosevelt.

“The Board and our advisors conducted a thorough search and are confident Shawn is the right leader to drive Forward’s future success,” said George Mayes, Independent Chairman. “He knows this industry inside and out and has demonstrated a track record of successfully delivering growth and operational excellence. We look forward to working with Shawn to inspire and lead our teams into the next phase of growth for the newly combined company. On behalf of the Board, I want to thank Michael for his leadership during this period of transition.”

“Together, Forward and Omni have created an industry leader with a clear dedication to delivering world-class service to customers – a quality I share,” said Mr. Stewart. “I have been impressed by the resilience both teams have demonstrated in a challenging market and during a protracted transition period. I’m proud to take the baton from Michael and excited for the opportunity to work with these talented teams to achieve outstanding results.”