GREENEVILLE, Tenn. - Forward Air (NASDAQ:FWRD) Corporation (NASDAQ:FWRD), an asset-light transportation service provider, announced today the appointment of Jamie G. Pierson as interim Chief Financial Officer, effective immediately. Pierson takes over from Rebecca Garbrick, who is stepping down from her role but will assist with the transition.
CEO Shawn Stewart expressed gratitude towards Garbrick for her service since she assumed the CFO role in 2020 and welcomed Pierson, citing his extensive experience in transportation and logistics as well as his track record in financial leadership positions.
Pierson's recent role was the CFO of MV Transportation, a position he held until January 2024. His past experiences include senior leadership roles at Ecobat Technologies and YRC Worldwide (OTC:YELLQ), Inc.
As Forward Air continues its search for a permanent CFO with the help of an executive search firm, Pierson's interim leadership is expected to provide strategic insight to the finance team during this pivotal period for the company.
Forward Air offers a range of expedited less-than-truckload services, truckload brokerage services, and a full portfolio of multimodal solutions through Omni Logistics. The company operates in the United States, Canada, and Mexico, providing services such as local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, customs brokerage, and high-value drayage services.
This management transition comes as Forward Air continues to navigate the competitive transportation and logistics industry, striving to maintain its position as a leading provider of asset-light transportation services.
The information regarding the executive shift at Forward Air Corporation is based on a press release statement from the company. While the press release includes forward-looking statements under the safe harbor provisions, these are subject to risks and uncertainties that may cause actual results to differ. Forward Air has not updated these forward-looking statements beyond the date of the press release.
InvestingPro Insights
As Forward Air Corporation (NASDAQ:FWRD) welcomes Jamie G. Pierson as the interim CFO, the company's financial health and market position remain a focal point for investors. According to InvestingPro data, Forward Air's market capitalization stands at a modest $356.92 million, reflecting the scale of its operations within the transportation and logistics sector. Notably, the company's Price to Earnings (P/E) ratio is currently 6.26, suggesting a potentially undervalued stock compared to industry peers.
An InvestingPro Tip highlights that management at Forward Air has been actively engaged in share buybacks, a move that often signals confidence in the company's future prospects and a commitment to enhancing shareholder value. Moreover, analysts have projected sales growth for the current year, indicating a positive outlook on the company's revenue stream despite the competitive landscape.
Investors may also find the dividend yield of 6.72% particularly attractive, especially in a market where consistent income streams are highly valued. Forward Air has a longstanding history of dividend payments, maintaining these distributions for 19 consecutive years, which can be reassuring for income-focused investors.
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