Company Announcements

Both Leading Proxy Advisory Firms Recommend Shareholders Vote AGAINST Chairman George Mayes, Jr., Director Javier Polit and Director Laurie Tucker

Glass Lewis Confirms That These Three Directors Are Unlikely to be “Procedurally Accretive” to the Ongoing Strategic Review

CLEVELAND--(BUSINESS WIRE)--Jun. 2, 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 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 www.ancoraalts.com.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250602273336/en/

Longacre Square Partners LLC
Greg Marose / Bela Kirpalani, 646-386-0091
gmarose@longacresquare.com / bkirpalani@longacresquare.com

Saratoga Proxy Consulting LLC
John Ferguson / Joseph Mills, 212-257-1311
info@saratogaproxy.com

Source: Ancora Holdings Group, LLC