Latest news with #Ancora
Yahoo
5 days ago
- Business
- Yahoo
Forward Air Chairman Ousted, Potential Sale Appears in View
Forward Air Corp. chairman George Mayes, Jr. resigned from his post in a win for activist investors looking to take the logistics and trucking company in a different direction—and potentially court new ownership. Chairman Mayes left the position following an election at the company's annual shareholder meeting Wednesday, alongside two other resigning board members, Javier Polit and Laurie Tucker. More from Sourcing Journal How Israeli Footwear Firms Are Being Impacted During Iran Conflict Byte-Sized AI: Perfect Corp. and Nvidia Team Up; LuminX Gets Seed Round Chain Reaction: Dispatch Science CEO Arthur Axelrad on Turning Logistics into a 'Customer Experience Engine' Activist investor Ancora Holdings Group had urged shareholders to vote against the three candidates in the leadup to the vote, with the hedge fund getting support from proxy advisors Glass, Lewis & Co. and Institutional Shareholder Services (ISS). Mayes failed to secure the 50.1 percent of votes required in the shareholder election to stay in his position, effectively forcing him to leave the position. Polit and Laurie Tucker surpassed the threshold and voluntarily resigned as board members. 'This vote is a clear mandate that shareholders expect Forward Air to expeditiously complete a credible strategic review that leads to a sale at a meaningful premium,' said Ancora in a statement. 'Absent the more than 30 percent of shares that were legally committed to vote for the incumbent board, chairman George Mayes, Jr., Javier Polit and Laurie Tucker lost in a landslide, highlighting the substantial level of concern regarding the legitimacy of the board's strategic review. We believe the resignations of these legacy directors will empower the board to carry out a thorough assessment of value-maximizing opportunities.' The Forward Air board first initiated a strategic review of its business in January, after multiple activist investors including Ancora had called for the company to consider a possible sale. 'Looking ahead, we are committed to advancing the company's strategic alternatives review—which is well underway—and continued global transformation in order to improve operating results and maximize shareholder value,' the Forward Air board said in a statement. 'We will continue to work closely with the management team to realize the company's full intrinsic value.' With new board members in charge, it appears prospective buyers are coming out of the woodwork. Four private equity firms—Blackstone, Apollo Global Management, Platin Equity and Clearlake Capital—have expressed interest in acquiring Forward Air, according to a Friday report from Reuters. Clearlake Capital is the largest shareholder of Forward Air, holding a 12.6 percent stake as of March 31. Both Blackstone and Apollo have signed confidentiality agreements with the logistics firm, allowing them to review documents and receive other information to shape a potential bid. Initial takeover bids are due for submission during the first week of July, the report says, but there is no guarantee the PE firms will submit offers. There is also a possibility other suitors may emerge. Forward Air's trajectory took a turn for the worse when it first moved to acquire air, ocean and ground logistics services provider Omni Logistics in August 2023. That decision was panned by both analysts and shareholders alike on multiple grounds. Shareholders were upset that the deal didn't get put to a vote, and saddled Forward Air with $1.85 billion in debt. Analysts were critical of the deal for being convoluted, with freight forwarder customers sharing concerns that Forward was essentially acquiring a competitor. Omni Logistics and Forward Air both sued each other in the months after as the latter sought an out from the deal. Although the merger ended up materializing to kick off 2024, it resulted in the exits of both Forward Air CEO Tom Schmitt and Omni Logistics CEO J.J. Schickel. Upon Schmitt's departure last February, Mayes, a Forward board member since 2021, was installed as independent chairman. Now, the company again seeks to figure out a turnaround plan with a new chair. The Forward Air board appointed independent director Jerome Lorrain as executive chairman to replace Mayes. Lorrain previously served as chief operating officer of third-party logistics provider Ceva Logistics from July 2014 to June 2020 and currently serves as director of Log-Hub, a private supply chain solution and optimization company. Additionally, the board is bringing on Paul Svindland as lead independent director. Svindland was formerly the CEO of STG Logistics since February 2020, before moving into the chairman role this past April. With the changes, the board reduced its size to comprise eight directors, six of whom are independent. All directors have been appointed since January 2024, the same month Forward Air and Omni Logistics settled their respective litigation against one another and officially merged under one roof. Sign in to access your portfolio
Business Wire
5 days ago
- Business
- Business Wire
Ancora Issues Statement of Support for Pitney Bowes
CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, 'Ancora' or 'we') today issued the below statement following its decision to redeem its investment in the long-term special purpose vehicle managed by Hestia Capital Management LLC and, in turn, start directly holding its shares of Pitney Bowes Inc. (NYSE: PBI) ('Pitney Bowes' or the 'Company') due to the size of the position. Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora Holdings Group LLC, and James Chadwick, President of Ancora Alternatives LLC, commented: 'We originally invested in Kurt Wolf's special purpose vehicle because we believed Kurt could be a catalyst of significant value creation at Pitney Bowes. More than two years later, Kurt has clearly been the driving force behind the Company's cost reductions, cash repatriation initiatives, debt reduction and the necessary divestiture of the Global Ecommerce unit. The excellent results speak for themselves. We look forward to remaining long term investors in Pitney Bowes and believe shareholders are well served by Kurt Wolf as the Company's Chief Executive Officer.' About Ancora Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit
Associated Press
12-06-2025
- Business
- Associated Press
Ancora Comments on Clear Mandate from Forward Air Shareholders That a Well-Run Sale Process is Urgently Needed
CLEVELAND--(BUSINESS WIRE)--Jun 12, 2025-- Ancora Holdings Group, LLC (together with its affiliates, 'Ancora' or 'we'), a significant shareholder of Forward Air Corporation (NASDAQ: FWRD) ('Forward Air' or the 'Company'), today issued the following statement regarding the announced voting results of the Company's 2025 Annual Meeting of Shareholders. 'This vote is a clear mandate that shareholders expect Forward Air to expeditiously complete a credible strategic review that leads to a sale at a meaningful premium. Absent the more than 30% of shares that were legally committed to vote for the incumbent Board, Chairman George Mayes, Jr., Javier Polit, and Laurie Tucker lost in a landslide, highlighting the substantial level of concern regarding the legitimacy of the Board's strategic review. We believe the resignations of these legacy directors will empower the Board to carry out a thorough assessment of value-maximizing opportunities.' About Ancora Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit View source version on CONTACT: Longacre Square Partners LLC Greg Marose / Bela Kirpalani, [email protected]/[email protected] KEYWORD: UNITED STATES NORTH AMERICA OHIO INDUSTRY KEYWORD: ASSET MANAGEMENT PROFESSIONAL SERVICES FINANCE SOURCE: Ancora Holdings Group, LLC Copyright Business Wire 2025. PUB: 06/12/2025 09:20 AM/DISC: 06/12/2025 09:18 AM
Business Wire
12-06-2025
- Business
- Business Wire
Ancora Comments on Clear Mandate from Forward Air Shareholders That a Well-Run Sale Process is Urgently Needed
CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, 'Ancora' or 'we'), a significant shareholder of Forward Air Corporation (NASDAQ: FWRD) ('Forward Air' or the 'Company'), today issued the following statement regarding the announced voting results of the Company's 2025 Annual Meeting of Shareholders. 'This vote is a clear mandate that shareholders expect Forward Air to expeditiously complete a credible strategic review that leads to a sale at a meaningful premium. Absent the more than 30% of shares that were legally committed to vote for the incumbent Board, Chairman George Mayes, Jr., Javier Polit, and Laurie Tucker lost in a landslide, highlighting the substantial level of concern regarding the legitimacy of the Board's strategic review. We believe the resignations of these legacy directors will empower the Board to carry out a thorough assessment of value-maximizing opportunities.' About Ancora Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit
Business Wire
02-06-2025
- Business
- Business Wire
Glass Lewis Joins ISS in Recommending Forward Air Shareholders Vote AGAINST Three Unfit Legacy Directors at 2025 Annual Meeting
CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, 'Ancora' or 'we'), a significant shareholder of Forward Air Corporation (NASDAQ: FWRD) ('Forward Air' or the 'Company'), today announced that a second independent proxy advisory firm, Glass, Lewis & Co. ('Glass Lewis'), has joined Institutional Shareholder Services Inc. ('ISS'), in recommending that Forward Air shareholders vote AGAINST the reelection of three members of the Board of Directors (the 'Board') at the 2025 Annual Meeting of Shareholders: (1.) George S. Mayes, Jr., (2.) Javier Polit and (3.) Laurie A. Tucker. In its report, Glass Lewis states the following regarding the case for removing these directors from the Board: 1 'Are legacy directors who served during the questionable pursuit, fumbled execution and to-date maladroit implementation of the Omni deal credibly positioned to oversee Forward's current assessment of value-maximizing opportunities? We believe the answer is a firm no.' '[I]nvestors do not have clear and compelling cause to believe Messrs. Mayes and Polit and Ms. Tucker are likely to be procedurally accretive and indeed have ample cause to conclude they have not been effective in preserving and enhancing shareholder value, particularly in the context of transformative transactions.' Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora Holdings Group LLC, and James Chadwick, President of Ancora Alternatives LLC, commented: 'With both Glass Lewis and ISS endorsing the removal of the legacy directors, shareholders should drive the necessary change by voting against their reelection at the Annual Meeting. This is the best way to ensure the Board conducts a comprehensive process that results in a value-maximizing sale of the Company.' About Ancora Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. ANCORA IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. ANCORA IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.
