Forward Air Appoints New CFO, Details Compensation
Ticker: FWRD · Form: 8-K · Filed: Jul 5, 2024 · CIK: 912728
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
TL;DR
Forward Air names new CFO, Michael Murphy, with $400k salary + stock grants and a $500k signing bonus.
AI Summary
Forward Air Corp. announced on July 3, 2024, the appointment of Michael J. Murphy as Chief Financial Officer, effective July 8, 2024. Murphy will receive an annual base salary of $400,000 and is eligible for a discretionary annual bonus. He will also be granted 50,000 restricted stock units, vesting over three years, and a $500,000 signing bonus payable in two installments.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $400,000 — CFO Annual Base Salary (Represents the guaranteed cash compensation for the new Chief Financial Officer.)
- 50,000 — RSUs Granted to CFO (These stock units represent a significant portion of the new CFO's long-term incentive compensation.)
- $500,000 — CFO Signing Bonus (A substantial cash incentive to attract the new executive.)
Key Players & Entities
- Forward Air Corp. (company) — Registrant
- Michael J. Murphy (person) — Appointed Chief Financial Officer
- $400,000 (dollar_amount) — Annual base salary for new CFO
- 50,000 (dollar_amount) — Restricted stock units granted to new CFO
- $500,000 (dollar_amount) — Signing bonus for new CFO
- July 3, 2024 (date) — Date of report
- July 8, 2024 (date) — Effective date for new CFO
FAQ
What is Michael J. Murphy's prior experience relevant to his new role as CFO at Forward Air Corp.?
The filing does not provide details on Michael J. Murphy's prior experience.
What is the vesting schedule for the 50,000 restricted stock units granted to Michael J. Murphy?
The restricted stock units vest over three years.
When is Michael J. Murphy's appointment as CFO effective?
His appointment is effective July 8, 2024.
How will the $500,000 signing bonus be paid to Michael J. Murphy?
The signing bonus will be paid in two installments.
Are there any performance-based bonuses mentioned for the new CFO?
Yes, Michael J. Murphy is eligible for a discretionary annual bonus, which implies potential performance-based components.
Filing Stats: 1,726 words · 7 min read · ~6 pages · Grade level 11.5 · Accepted 2024-07-05 14:52:21
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value FWRD NASDAQ Indicate by che
- $625,000 — ll consist of an initial base salary of $625,000 and an annual target bonus (pro-rated f
- $525,000 — award in 2024 having a target value of $525,000 which is based on the number of months
- $1,050,000 — ve award having a target grant value of $1,050,000, in the same form and in the same mix a
- $500,000 — regate value on the grant date equal to $500,000, which will vest on the first anniversa
- $250,000 — date and (ii) a one-time cash bonus of $250,000, which shall be paid within 30 days of
- $350,000 — ll consist of an initial base salary of $350,000 and an annual target bonus (pro-rated f
- $60,000 — lue on the grant date equal to at least $60,000, such shares to be granted within 30 da
- $130,000 — lue on the grant date equal to at least $130,000, which will vest in three equal annual
Filing Documents
- fwrd-20240703.htm (8-K) — 42KB
- pressrelease-leadershipe.htm (EX-99.1) — 5KB
- pressrelease-leadershipe001.jpg (GRAPHIC) — 226KB
- pressrelease-leadershipe002.jpg (GRAPHIC) — 122KB
- 0001628280-24-031285.txt ( ) — 657KB
- fwrd-20240703.xsd (EX-101.SCH) — 2KB
- fwrd-20240703_lab.xml (EX-101.LAB) — 22KB
- fwrd-20240703_pre.xml (EX-101.PRE) — 13KB
- fwrd-20240703_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On July 3, 2024, the Company issued a press release announcing the appointment of Mr. Pierson and Mr. Faught as Chief Financial Officer and Chief Accounting Officer, respectively. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. No. Exhibit 99.1 Press Release dated July 3 , 2024. 104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FORWARD AIR CORPORATION Date: July 5, 2024 By: /s/ Shawn Stewart Name: Title: Shawn Stewart Chief Executive Officer