Forward Air announced Friday it has parted ways with its President and Chief Operating Officer Chris Ruble. The announcement comes as the beleaguered company tries to appease customers and shareholders following a messy merger with Omni Logistics.
The abrupt separation was “without cause,” meaning Ruble is eligible for severance, according to a filing with the Securities and Exchange Commission released Friday after the market closed.
No replacement was named.
Ruble joined Forward (NASDAQ: FWRD) in 1996 as a terminal manager working his way up to president of the company’s flagship expedited less-than-truckload business in 2016. Ruble assumed the role of COO in 2019.
Forward’s new CEO Shawn Stewart arrived after the company was forced to close on the contested acquisition of Omni. In the time since, Stewart has revamped the leadership team with people he previously worked with at Ceva Logistics, as well as former finance executives with ties to defunct Yellow Corp. (OTC: YELLQ).
Eric Brandt was announced the new chief commercial officer last month and Jerome Lorrain was appointed to the board in October. Both were previously at Ceva.
Chief Financial Officer Jamie Pierson joined in May and Chief Accounting Officer James Faught joined in July. Both worked at Yellow together. Pierson is known for his experience in restructuring and strategic planning.
The new team is quickly trying to solidify a marketing plan that includes both its legacy LTL offering and its new freight forwarding business while working out the kinks of a very large acquisition.
Some shareholders have been pushing back on the deal since it was announced more than a year ago. They voiced concerns with the $3.2 billion price tag for Omni given its high debt load and questioned the strategy of the acquisition that appeared to put Forward in direct competition with legacy customers. They were also upset that they weren’t afforded a vote on the deal.
Shares of FWRD tanked roughly 90% from the August 2023 announcement to a May low. They remain nearly 70% lower as of Friday’s close.
A group of shareholders has called on the company to engage in a sales process. Forward hasn’t provided comment on the matter other than to say its “actively analyzing the business and strategy to ensure the Company pursues the best path forward to enhance shareholder value.”
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