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Forward Air Corp. (NASDAQ:FWRD), a transportation company with a market capitalization of $652 million that has seen its stock decline over 34% year-to-date, announced leadership changes in its information technology department this week, according to a statement based on a recent SEC filing.
On Monday, Joseph M. Tomasello resigned from his position as Chief Information Officer. His resignation was effective as of Monday. The company has appointed Jason Ringgenberg as interim Chief Information Officer, effective Tuesday. The leadership change comes as InvestingPro data shows Forward Air’s revenue growing 35% over the last twelve months to $2.5 billion, despite challenging market conditions.
Ringgenberg brings experience from his previous roles as Chief Information Officer at Yellow Corporation from 2017 to 2023 and at YRC Freight, a subsidiary of Yellow Corporation, from 2014 to 2017. He also spent over two decades at Accenture, where he led the Global Freight and Logistics Industry Program.
Forward Air Corp . specializes in the arrangement of transportation of freight and cargo and is headquartered in Dallas, Texas. The information in this article is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Forward Air Corporation reported its second-quarter 2025 results, revealing adjusted earnings per share of ($0.01) and adjusted EBITDA of $74 million. These figures surpassed both Stifel’s expectations of ($0.20) EPS and the Street’s consensus of ($0.26) EPS. Despite challenging freight market conditions, the company managed to improve its EBITDA margins through pricing optimization and discretionary expense management. Forward Air is also conducting a nationwide automotive replenishment program, serving as a logistics partner for a global automaker.
In boardroom developments, Michael B. Hodge resigned from Forward Air’s board of directors, reducing the board to seven members. Eve Omni Investor, LLC subsequently waived its director designation rights under a shareholders agreement. On the analyst front, Susquehanna raised its price target for Forward Air to $43, maintaining a Positive rating, and highlighting a potential sale of the business. Meanwhile, Stifel lowered its price target to $32 due to macroeconomic concerns, yet retained a Buy rating. Benchmark reiterated its Hold rating on the company as it completes integration with Omni and focuses on streamlining operations.
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