Editor’s note: This story was updated to reflect Interim CFO Jamie Pierson’s salary information.
Dive Brief:
- Forward Air CFO Rebecca Garbrick stepped down following an atrocious Q1 and was replaced by an interim CFO who previously worked at Yellow Corp., the company announced Monday.
- Jamie Pierson, a former finance chief at now-bankrupt Yellow, was named interim CFO of the LTL and brokerage services provider, the company said.
- This is the latest C-suite turnover for Forward Air following a rocky merger and integration of Omni Logistics. No specific reason was given for Garbrick’s departure, but she will stay on to assist with the transition.
Dive Insight:
Less than two months after naming Shawn Stewart its new CEO, Forward Air is now searching for a new CFO. The company retained an executive search firm to help find a full-time replacement.
Garbrick joined Forward Air in August 2020 as chief accounting officer and became CFO and treasurer in July 2021, according to her LinkedIn profile.
Forward Air’s tumultuous process to acquire Omni Logistics led to the departure of Chairman, President and CEO Tom Schmitt in February. Integrating Omni Logistics into the company contributed to its Q1 year-over-year profits crashing 239%.
While the merger has closed, some shareholders reportedly filed a class action lawsuit seeking the rescission of the merger and unspecified damages.
Pierson will receive $78,000 per month until a permanent CFO has been appointed, according to a regulatory filing. He also is eligible for a $150,000 performance bonus.
The filing also noted Pierson may receive a one-time $250,000 cash payment if he is not selected for the permanent CFO role and remains with the company to assist with the transition of the incoming CFO.
Pierson was EVP and CFO for MV Transportation from September 2022 through January, according to his LinkedIn profile. He also had two stints with Yellow Corp., which went bankrupt last summer.
Pierson was EVP and CFO of Yellow Corp. from November 2011 to December 2016 and rejoined YRC Worldwide as a board member and EVP and CFO from December 2019 to November 2020, according to his LinkedIn profile.
“Jamie is a seasoned executive with extensive experience in transportation and logistics, which coupled with his demonstrated track record in several financial leadership positions, make him a valuable addition to the Forward team,” Stewart said.
