Forward Air adds second former Yellow executive to financial team
Forward Air announced Wednesday that it has added another former Yellow Corp. employee to its financial leadership team. It also said that recently named interim Chief Financial Officer Jamie Pierson will continue in that role on a permanent basis.
James Faught has joined the Greeneville, Tennessee-based less-than-truckload provider effective Wednesday as chief accounting officer. Faught reunites with Pierson, who joined Forward (NASDAQ: FWRD) in May.
Pierson twice served as Yellow’s (OTC: YELLQ) chief financial officer, including a stretch in 2020 when it obtained a $700 million COVID-relief loan from the U.S. Treasury. Yellow shut down in July 2023.
Most recently, Faught was chief financial officer at EVO Transportation, a private hauler for the U.S. Postal Service. Faught left Yellow at the end of 2022.
The Wednesday announcement comes as Forward looks to find its footing following a contested merger with freight forwarder Omni Logistics.
“This expansion of our leadership team is instrumental in navigating the financial integration of Forward Air and Omni Logistics and creating a path to long-term financial success,” said Forward CEO Shawn Stewart. “The investment we are making in our finance and accounting teams demonstrates our commitment to becoming one company with one mission and adds tremendous strength to a best-in-industry unified senior leadership team.”
Stewart was announced as the new CEO in late April, after the architect of the controversial deal, Tom Schmitt, parted ways with the company in February. Stewart was previously a division head at Ceva Logistics.
Forward confirmed last month that it implemented a workforce reduction as it integrates the Omni acquisition. “Further cost reduction actions” were announced last week. Those measures are expected to increase second-quarter earnings before interest, taxes, depreciation and amortization by $20 million.
The company also said last week that recalculated first-quarter results lowered its debt leverage ratio, providing additional breathing room to its debt covenant.
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