activist investors

Norfolk Southern moving away from furloughs to help improve labor relations

Norfolk Southern will deemphasize the use of furloughs as a way to cut costs during market down cycles.

The plan comes as two activist investors are pressing NS (NYSE: NSC) and Union Pacific (NYSE: UNP) via shareholder proposals to address paid sick leave.

The Class I railroads have used furloughing as a means to reduce costs during cycles when freight demand might be down. It has also been used on a seasonal basis to align workforce needs with operational needs.

Furloughing is when a railroad...

https://www.freightwaves.com/news/norfolk-southern-moving-away-from-furloughs-to-help-improve-labor-relations

Daseke announces share buyback following activist’s encouragement

A flatbed rig on the highway

After sagging performance in its shares, flatbed truckload operator Daseke announced Friday that it would repurchase up to $40 million of its stock.

The stock will be repurchased from “time to time” in the open market or by using a Securities and Exchange Commission Rule 10b5-1 plan, which sets the schedule and amount of trading in advance. The company said it will use cash on hand to fund the program.

Shares of Daseke (NASDAQ: DSKE) were up 14.6% on Friday at 12:41 p.m. EDT compared to the S&P...

https://www.freightwaves.com/news/daseke-announces-share-buyback-following-activists-encouragement

Forward Air bolsters LTL service with J&P Hall acquisition

Forward Air continues M&A activity

Forward Air (NASDAQ: FWRD) announced Wednesday that it will acquire J&P Hall Express, a privately held, expedited transportation provider. The deal is expected to expand Forward’s regional less-than-truckload door-to-door operation.

Founded in 1989, Atlanta-based J&P Hall provides LTL, truckload, less-than-container-load and airport transfers with a fleet of 70 trucks and 110 employees across the Southeast. The company also provides container freight stationing services out of its Atlanta and...

https://s29755.pcdn.co/news/forward-air-bolsters-ltl-service-through-jp-hall-acquisition

Forward Air advances final-mile strategy, adds 11 locations

More capital flows into the final-mile industry

Forward Air (NASDAQ: FWRD) announced that it added 11 final-mile terminal locations during the first quarter of 2021. The Monday press release said of the new “Forward Final Mile” additions, eight were established in existing less-than-truckload facilities.

The Greeneville, Tennessee-based asset-light trucking and logistics company has been engaged in a growth strategy aimed at building out its service offering at existing terminals as well as acquiring final-mile and intermodal transportation...

https://s29755.pcdn.co/news/forward-air-advances-final-mile-strategy-adds-11-locations

Activist investor alters 5 seats on Forward Air board

Activists reach agreement with Forward

An activist investor group led by Ancora Advisors has effected change to five seats on asset-light trucking and logistics company Forward Air’s (NASDAQ: FWRD) board.

Forward announced Monday after the market close that it has “appointed five independent and highly qualified directors” in connection with an agreement with Ancora. The directors will join the board immediately and stand for election at the annual meeting on May 19.

New agreement brings back former leadership

The cooperation agreement...

https://www.freightwaves.com/news/investor-activism-alters-5-seats-on-forward-air-board

Activists claim ‘substandard’ results, ‘disingenuous’ disclosure by Forward Air

Activist investors point to sagging margins and returns

The activist investor group seeking changes at asset-light trucking and logistics company Forward Air (NASDAQ: FWRD) issued another letter to shareholders Tuesday. The group provided its summary on Forward’s fourth-quarter earnings results as well as a rebuttal to Forward’s take on the recent dialogue between the two parties.

The group, which is led by Ancora Advisors and includes Forward founder Scott Niswonger and former CFO Andy Clarke, said it remains “highly disappointed by the operating...

https://s29755.pcdn.co/news/activists-claim-substandard-results-disingenuous-disclosure-by-forward-air

Forward Air doubles down amid heightened interest from activists

Management says LTL margins can get back to 15%

Following scrutiny from an activist investor group, which includes the company’s founder and former CFO, management at asset-light trucking and logistics company Forward Air (NASDAQ: FWRD) doubled down on its approach to the business during its fourth-quarter call with analysts Friday.

The investor group led by Ancora Advisors issued an open letter to shareholders Wednesday, voicing discontent with the current direction of the company and announcing its decision to nominate four candidates for...

https://www.freightwaves.com/news/forward-air-doubles-down-amid-heightened-interest-from-activists

Activist investors seek 4 seats on Forward Air board

Activist investors seek to "enhance shareholder value"

In an open letter to shareholders on Wednesday, activist investor Ancora Advisors announced that it has nominated four candidates for election to the board of asset-light trucking and logistics company Forward Air (NASDAQ: FWRD).

After unsuccessful discussions between the board and the investor group, which also includes Forward’s founder Scott Niswonger and former CFO Andy Clarke, it appears a proxy battle is now in the works.

The letter asserts Forward has the potential to be a “best-in-class...

https://www.freightwaves.com/news/activist-investors-seek-4-seats-on-forward-air-board

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