Dive Brief:
- Forward Air named Jamie Pierson as its CFO less than two months after his interim appointment to the post, the company announced July 3.
- Additionally, the LTL carrier named James Faught chief accounting officer. He and Pierson are both former executives with bankrupt carrier Yellow Corp.
- CEO Shawn Stewart said the executive team appointments add essential leadership as the company continues its integration of Omni Logistics.
Dive Insight:
Reducing costs is a priority for Forward Air as it continues to integrate Omni Logistics following a tumultuous acquisition process that has led to layoffs and departures in its C-Suite. The expense of combining operations contributed to the company’s Q1 profits crashing 239% year over year.
Forward Air also is exploring selling noncore assets as part of a strategy to quickly return the company to profitability. It completed its acquisition of Omni in January after noting reservations and facing a lawsuit.
Now Stewart, who took over as CEO in April, along with Pierson and Faught will focus on developing a plan to strengthen Forward Air’s finances.
“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,” he said.
Pierson was named interim CFO in May when Forward Air announced Rebecca Garbrick was stepping down from the position. The company had been conducting a national search for a CFO, but Pierson also was under consideration.
Pierson’s full-time appointment includes a base salary of $625,000, and an annual target pro-rated bonus for this year set at 75% of his base salary, which can hit a maximum of 200% of his base pay, according to a regulatory filing.
Pierson was EVP and CFO of Yellow Corp. from November 2011 to December 2016, then rejoined YRC Worldwide as a board member and EVP and CFO from December 2019 to November 2020, his LinkedIn profile shows.
Faught, whose appointment was effective July 3, most recently was CFO at EVO Transportation, a role he had held since August 2023, according to his LinkedIn profile. Prior to that he spent more than five years in executive roles with Yellow Corp. including as chief accounting officer, VP/controller and director of financial reporting.
A regulatory filing reported that Faught will receive a base salary of $350,000 and is eligible for an annual target bonus pro-rated for 2024 of 35% of his base pay.
Both will receive stock options, too.
