Forward Air Executive Chairman Lorrain Steps Down After 13 Months
Management crisis
Company Background
Forward Air is a Dallas-based asset-light freight carrier operating three segments — Expedited Freight, Omni Logistics, and Intermodal — with roughly $2.5 billion in annual revenue. Its January 2024 acquisition of Omni Logistics for approximately $1.6 billion left it carrying about $1.77 billion in first-lien debt and triggered several billion dollars in goodwill impairments through 2024. The company has posted consecutive quarterly net losses since the deal closed.
In Q1 2026, consolidated revenue fell 5.1% year-over-year to $582 million and the net loss reached $40.2 million. Net leverage under the credit agreement definition stood at 5.4 times, against a covenant ceiling of 6.25 times. A comprehensive strategic review, launched in January 2025, concluded without any actionable sale proposals. The board subsequently pivoted to selling non-core assets including the Intermodal segment, and management disclosed that a major unnamed customer representing approximately $250 million in fiscal 2025 revenue is expected to begin transitioning a significant portion of its business to other providers starting in early 2027.
What Was Disclosed
Jerome Lorrain resigned as Executive Chairman effective July 10, 2026, continuing on as a non-employee director. The board simultaneously appointed Christine M. Gorjanc — already a sitting board member — as independent Chair, effective the same date.