Forward Air Hires Former YRC Financial Architect Jamie Pierson as Interim CFO

Pierson has expertise in restructuring and strategic planning. He served two stints as chief financial officer at less-than-truckload carrier Yellow Corp. YELLQ, formerly YRC Worldwide. He was there when it obtained a controversial $700 million COVID-relief loan from the U.S. Treasury in 2020. He also oversaw a debt restructuring and an equity raise during his first run with the company.

Yellow ultimately ceased operations and filed for bankruptcy last summer.

Pierson was most recently the chief financial officer at privately owned MV Transportation, which specializes in passenger transportation services.

"We are excited to have Jamie step in to lead, and provide strategic insight, to the finance team during this critical time" said Forward's new CEO, Shawn Stewart. "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 took over in late April, succeeding Tom Schmitt, who departed from the company following investor pushback from the merger with Omni Logistics.

Pierson arrives at Forward Air as the company navigates the integration of Omni Logistics along with the large debt burden (5.5 times debt-to-adjusted earnings before interest, taxes, depreciation and amortization) assumed in the transaction.

Forward recorded a net loss of nearly $89 million in the first quarter including deal-related and other one-off expenses. Excluding the costs, the company still lost $24 million. On the first-quarter call, management said it expects to keep from breaching its second-quarter debt covenant (6 times leverage) but wouldn't commit to being cash-flow positive in the quarter.

The company will provide a full-year outlook when it reports second-quarter results and it is currently looking to divest noncore assets, both of which may have prompted the need for Pierson.

Forward has initiated a search for a permanent chief financial officer.

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