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Editor’s note: This story has been updated to reflect interim CFO Jamie Pierson’s salary information.
Dive Brief:
- Forward Air CFO Rebecca Garbrick resigned after a terrible quarter and was replaced by an interim CFO who previously worked at Yellow Corp. the company announced on Monday.
- Jamie Pearson, former head of finance at now-bankrupt Yellow, has been appointed as its interim chief financial officer LTL and brokerage service provider, the company said.
- This is the latest C-suite turnover for Forward Air after a difficult merger and integration of Omni Logistics. No specific reason was given of Garbrick departure, but will remain to help with the transition.
Dive Insight:
Less than two months after naming Shawn Stewart as its new CEO, Forward Air is now looking for a new CFO. The company retained an executive search firm to help find a full-time replacement.
Garbrick joined Forward Air in August 2020 as chief accounting officer and became CFO and treasurer in July 2021, according to her LinkedIn profile.
Forward Air’s tumultuous acquisition of Omni Logistics led to the departure of chairman, president and CEO Tom Schmitt in February. The incorporation of Omni Logistics into the company contributed to a 239% year-over-year drop in its profits.
While the merger is closed, some shareholders reportedly filed class action seeking to rescind the merger and unspecified damages.
Pierson will receive $78,000 a month until a permanent chief financial officer is named, according to a regulatory filing. He is also eligible for a $150,000 performance bonus.
The filing also noted that Pierson may receive a one-time cash payment of $250,000 if he is not selected for the permanent CFO position and remains with the company to help with the incoming CFO’s transition.
Pierson was EVP and CFO for MV Transportation from September 2022 to January, according to the LinkedIn profile. He also had two terms with Yellow Corp., which went bankrupt last summer.
Pierson was EVP and CFO of Yellow Corp. from November 2011 to December 2016 and rejoined YRC Worldwide as a board member and EVP and CFO from December 2019 to November 2020, according to his LinkedIn profile.
“Jamie is a seasoned executive with extensive experience in transportation and logistics, which combined with his proven track record in various leadership positions in finance, make him a valuable addition to the Forward team,” said Stewart.