{
  "docId": "019dd923-622b-71dc-a6dc-bd2165321181",
  "docSlug": "98bc08b5f4d0",
  "documentTitle": "Forward Air Corporation (FWRD)",
  "authorId": "21_Ancora",
  "authorName": "Ancora",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-05-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 27,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "executive_summary",
  "function": "establish_context",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-bd2165321181/4",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-bd2165321181",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-bd2165321181.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-bd2165321181#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "On behalf of Ancora’s clients, the destruction of value at Forward Air since 2023 by Chair George S. Mayes, Jr., Director Javier Polit and Director Laurie A. Tucker requires Ancora to attempt to remove the problematic directors.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be7c-137613b1a4b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.57
      },
      "kind": "list",
      "text": "On behalf of Ancora's clients, the destruction of value at Forward Air since 2023 by Chair George S. Mayes, Jr., Director Javier Polit and Director Laurie A. Tucker requires Ancora to attempt to remove the problematic directors.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74bb5937-39b3-414a-ab5d-fef42ec16466",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.48
      },
      "kind": "list",
      "text": "Ancora first invested in Forward Air in mid-2020 and worked constructively with leadership to meaningfully improve the Company's operational and financial performance from 2020 to 2022 following years of acquisitions, margin degradation and lagging total shareholder returns.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e13fae0-411f-4e58-bc14-3a04994a1166",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.94,
        "x": 0.03,
        "y": 0.65
      },
      "kind": "list",
      "text": "At a minimum, Ancora believes it is critical to send an indisputable message of our dissatisfaction to Forward Air's Board of Directors (the \"Board\").",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "944c76b5-a797-4c50-b621-f3ea41f24959",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.25
      },
      "kind": "list",
      "text": "Ancora Alternatives LLC is the alternative asset management division of Ancora Holdings Group, LLC, which is a diversified investment and wealth management platform overseeing more than $10.0 billion in client assets.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a2ee6f2c-8b6a-4cb1-99da-5cd5adabe279",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.4
      },
      "kind": "list",
      "text": "Since its activist strategy launched in 2014, the Alternatives team has established a track record of using private and, when necessary, public engagement with portfolio companies to catalyze corporate governance improvements and long-term value creation.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "abe403af-6fa2-4891-8f10-3eb295f69161",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.94,
        "x": 0.03,
        "y": 0.33
      },
      "kind": "list",
      "text": "Based in Cleveland, Ohio and led by James Chadwick, Ancora Alternatives manages assets for a diversified group of institutional investors and qualified individual clients.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2fd7ab9-f636-4ad3-b63b-c43abbec58df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.03,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "1 As of March 31, 2025.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d307376-29a0-4207-9658-ae664d435e88",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.68,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "title",
      "text": "About Ancora Alternatives: We Have a Long History of Acting to Preserve Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4464d5a7-35a9-4c98-a09b-5b8c124ae7c2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "0e091d8e-43c8-423e-8c49-b11b11220049",
      "evidence": "type: executive_summary",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}