Ancora Advisors

Activist investor urges Forward Air to go private

Activist investor Ancora Holdings Group is calling on Forward Air’s board to begin a strategic review and to engage with potential buyers. In an open letter to the company’s board, the group cited “overwhelmingly negative” total shareholder returns and “significant underperformance” in what it described as a “lost decade” for the expedited trucking company.

The Tuesday letter said the company could better cure its balance sheet and operational issues as a private entity, likely under the...

https://www.freightwaves.com/news/activist-investor-urges-forward-air-to-go-private

Preliminary Q1 results at embattled Norfolk Southern miss expectations

Norfolk Southern heads toward its May 9 annual meeting and the resolution of its battle with activist shareholder Ancora over control of the company with a public campaign that may have taken a hit Tuesday, judging from a preview of the railroad’s first-quarter numbers.

In an outlook for Q1 earnings, which are to be released April 24, Norfolk Southern said adjusted earnings would come in at $2.49 a share and adjusted operating ratio would be 69.9%.

Those numbers are both below Wall Street...

https://www.freightwaves.com/news/preliminary-q1-results-at-embattled-norfolk-southern-miss-expectations

Vote on insurgent effort at Norfolk Southern set for May 9

Norfolk Southern has set May 9 as the date for its annual meeting, when an insurgent campaign to put outside directors on the company’s board and a new CEO in place will come to a head.

The Class 1 railroad formally set the date in its proxy letter to shareholders, sent last week. The meeting will be virtual and can be streamed on the company’s website, though participation is limited to shareholders. It begins at 8:30 a.m. Eastern.

Amy Miles, Norfolk Southern’s (NYSE: NSC) board chair, is the...

https://www.freightwaves.com/news/vote-on-insurgent-effort-at-norfolk-southern-set-for-may-9

C.H. Robinson va despacio en la búsqueda de un nuevo CEO 

Hace un par de semanas, se hizo evidente por los numerosos titulares que C.H. Robinson Worldwide Inc. (NASDAQ: CHRW) se había fijado en Jim Barber, ex director de operaciones de UPS Inc. (NYSE: UPS), para convertirse en su próximo CEO.  

A medida que marzo se acerca a su fin, o bien la junta está siendo muy deliberada, o puede que se esté replanteando si Barber es lo que el mayor agente de carga del país necesita en este momento. 

Hasta el miércoles no se había anunciado nada. Barber no ha sido...

https://www.freightwaves.com/news/c-h-robinson-va-despacio-en-la-busqueda-de-un-nuevo-ceo

C.H. Robinson going slow on a new CEO

A couple of weeks ago, it had become apparent by the many headlines that C.H. Robinson Worldwide Inc. (NASDAQ: CHRW) had zeroed in on Jim Barber, former chief operating officer of UPS Inc. (NYSE: UPS), to become its next CEO. 

As March draws to a close, either the board is being very deliberate, or it may be having second thoughts if Barber is who the nation’s largest freight broker needs at this time.

As of Wednesday, nothing had been announced. Barber hasn’t been ruled in or out. He is still...

https://www.freightwaves.com/news/ch-robinson-going-slow-on-a-new-ceo

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

The Daily Dash: Activist investor pushes change at Forward Air; LTL off to strong start

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, an activist investor is seeking changes to the board makeup at Forward Air. Plus, less-than-truckload carriers are reporting a strong start to 2021, and more manufacturers are looking at reshoring their source materials.

Activist intervention

In an open letter to shareholders on Wednesday, activist investor Ancora Advisors said it is looking for changes to the Forward Air (NASDAQ: FWRD) board.

Todd...

https://www.freightwaves.com/news/the-daily-dash-activist-investor-pushes-change-at-forward-air-ltl-off-to-strong-start

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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