Forward Air Corp 8-K, filed Mar 15, 2021
Forward Air Corp (FWRD)
8-K
2021-03-15
For: 2021-03-15
View Original
Added on
April 10, 2026
About this 8-K
Forward Air Corp filed this 8-K on March 15, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 15, 2021
(Exact name of registrant as specified in its charter)
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On March 14, 2021, Michael J. Morris, Chief Financial Officer (“CFO”) and Treasurer of Forward Air Corporation (the “Company”), notified the Company of his decision to resign from his position. Having served in public company financial roles for 24 years, Mr. Morris expressed his desire to diversify his career experience by serving as the chief financial officer of a privately held portfolio company. Mr. Morris indicated that while he had no current intent to transition to such a role, he was presented with a unique opportunity that accelerated his plans. There are no disagreements between Mr. Morris and the Company. Mr. Morris indicated that he remains supportive of Forward Air’s strategy, leadership team and Board of Directors, and that his decision was solely a personal career choice which did not relate to any issues regarding the Company’s financial statements or internal controls. The Company is engaging an executive search firm to conduct a search to identify candidates for Mr. Morris’ successor and is taking steps to enable the search to proceed in an expedited manner.
During his tenure with the Company, Mr. Morris developed an experienced and capable finance and accounting organization. Until Mr. Morris’ successor is appointed, Mr. Tom Schmitt, the Company’s Chief Executive Officer will be acting as the Company’s Chief Financial Officer. Also, Ms. Rebecca Garbrick, the Company’s Vice President and Controller, will serve as the Company’s Principal Accounting Officer. The Company and Mr. Morris agreed that Mr. Morris’ resignation will become effective March 27, 2021, and that Mr. Morris will serve as an advisor for up to six months to facilitate a smooth transition. In this capacity, Mr. Morris will provide assistance, as agreed, to Mr. Schmitt in managing the finance function until Mr. Morris’ successor is appointed, to the Company’s board of directors and leadership team in identifying a suitable successor and to his successor as he or she transitions into the new role. Under the advisory agreement, Mr. Morris will be paid a fixed fee of $10,000 per month until his successor is appointed and then $5,000 per month until the agreement is terminated.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FORWARD AIR CORPORATION | |||||||||||
| Date: March 15, 2021 | By: | /s/ Thomas Schmitt | |||||||||
| Thomas Schmitt President and Chief Executive Officer | |||||||||||