Forward Air announced Monday that it has hired Jamie Pierson as interim chief financial officer effective immediately. Pierson replaces Rebecca Garbrick, who will remain on board during the transition.
Pierson has expertise in restructuring and strategic planning. He served two stints as chief financial officer at Yellow Corp. (OTC: YELLQ), formerly YRC Worldwide. He was there when it obtained a controversial $700 million COVID-relief loan from the U.S. Treasury.
Pierson was most recently the chief financial officer at privately owned MV Transportation, which specializes in passenger transportation services.
“We are excited to have Jamie step in to lead, and provide strategic insight, to the finance team during this critical time,” said Forward’s new CEO, Shawn Stewart. “Jamie is a seasoned executive with extensive experience in transportation and logistics, which coupled with his demonstrated track record in several financial leadership positions, make him a valuable addition to the Forward team.”
Stewart took over in late April, succeeding Tom Schmitt, who departed from the company following investor pushback from the merger with Omni Logistics.
Pierson arrives at Forward Air (NASDAQ: FWRD) as the company navigates the integration of Omni Logistics along with the large debt burden (5.5 times debt-to-adjusted earnings before interest, taxes, depreciation and amortization) assumed in the transaction.
Forward recorded a net loss of nearly $89 million in the first quarter including deal-related and other one-off costs. Excluding the costs, the company still lost $24 million. On the first-quarter call, management said it expects to keep from breaching its second-quarter debt covenant (6 times leverage) but wouldn’t commit to being cash-flow positive in the quarter.
The company plans to provide a full-year outlook when it reports second-quarter results and is looking to divest noncore assets, which likely prompted the addition of Pierson.
Forward has initiated a search for a permanent chief financial officer.
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