Activist Investors Seek 4 Seats On Forward Air Board In an open letter to shareholders on Wednesday, activist investor Ancora Advisors announced that it has nominated four candidates for election to the board of asset-light trucking and logistics company Forward Air (NASDAQ: FWRD ). After unsuccessful discussions between the board and the investor group, which also includes Forward's founder Scott Niswonger and former CFO Andy Clarke, it appears a proxy battle is now in the works. The letter asserts Forward has the potential to be a "best-in-class asset-light transportation company" as it operates one of the largest linehaul networks in North America. However, it "has been hampered by a board that has provided poor operational oversight, pursued an ineffective capital allocation strategy focused on acquisitions of margin- and return-dilutive service offerings and failed to optimize the company's balance sheet." A December SEC filing revealed that the activist group led by Ancora had acquired a 5.3% — $89.5 million — stake in the company with plans to make changes to the company's capital allocation strategy and divest noncore assets as well as make changes to the management team and board.