Both ISS And Glass Lewis Urge Forward Air Shareholders To Vote Against Chairman George Mayes Jr., Directors Javier Polit And Laurie Tucker, Citing Poor Oversight Of Omni Deal And Lack Of Value-Enhancing Contributions

Author: Benzinga Newsdesk | June 02, 2025 04:12pm

Both Leading Proxy Advisory Firms Recommend Shareholders Vote AGAINST Chairman George Mayes, Jr., Director Javier Polit and Director Laurie Tucker

Glass Lewis Confirms That These Three Directors Are Unlikely to be "Procedurally Accretive" to the Ongoing Strategic Review

Ancora Holdings Group, LLC (together with its affiliates, "Ancora" or "we"), a significant shareholder of Forward Air Corporation (NASDAQ:FWRD) ("Forward Air" or the "Company"), today announced that a second independent proxy advisory firm, Glass, Lewis & Co. ("Glass Lewis"), has joined Institutional Shareholder Services Inc. ("ISS"), in recommending that Forward Air shareholders vote AGAINST the reelection of three members of the Board of Directors (the "Board") at the 2025 Annual Meeting of Shareholders: (1.) George S. Mayes, Jr., (2.) Javier Polit and (3.) Laurie A. Tucker.

In its report, Glass Lewis states the following regarding the case for removing these directors from the Board:1

• "Are legacy directors who served during the questionable pursuit, fumbled execution and to-date maladroit implementation of the Omni deal credibly positioned to oversee Forward's current assessment of value-maximizing opportunities? We believe the answer is a firm no."
• "[I]nvestors do not have clear and compelling cause to believe Messrs. Mayes and Polit and Ms. Tucker are likely to be procedurally accretive and indeed have ample cause to conclude they have not been effective in preserving and enhancing shareholder value, particularly in the context of transformative transactions."

Posted In: FWRD