Forward Air Announces New Destination-Based Compensation Increase for Fleet Partners
June 08 2021 - 10:49AM
Business Wire
Forward Air Corporation (NASDAQ: FWRD) (the “Company” or
“Forward”) is executing a growth strategy that involves organic
infrastructure investments such as its ongoing LTL network
expansion, as well as inorganic investments, including acquisitions
of complementary businesses. Forward today announced a new
destination-based compensation increase for its fleet partners
within its LTL and Truckload divisions.
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the full release here:
https://www.businesswire.com/news/home/20210608005845/en/
Destination Based Compensation Map
(Graphic: Business Wire)
The destination-based model provides additional compensation to
team and solo owner operators based on the destination of their
load. Today’s announcement is another example of Forward’s
commitment to grow our business and ensure our fleet partners are
profitable and successful. This is the fifth rate increase for
Forward’s OTR fleets in the past four years.
Tim Parker, Senior Vice President, Linehaul Logistics said, “We
are excited to make this adjustment, as it helps level-set supply
and demand. Some areas of the country are less attractive for
drivers due to factors such as urban road congestion, crowded fuel
stops, limited parking or frequent road construction. These factors
can lead to reduced utilization and higher equipment maintenance
costs. The destination-based compensation increase will help offset
those additional costs.”
The destination-based compensation increase comes after the
Company implemented its largest ever rate increase for leased
capacity providers in March. Forward also offers a lucrative
sign-on bonus program to help drive first year profitability for
transitioning owner operators or fleet owners. The bonus consists
of $10,000 per team truck and $4,000 per solo truck added to the
Forward fleet – all paid out in the first year of service.
“Today’s announcement will have a very positive impact on our
fleet partners. We’ve executed on a number of initiatives that not
only help drive our impressive retention, but also encourage those
Independent Contractors and Fleet Owners looking for a stable,
highly profitable home for their trucks. From our constant review
of per mile compensation, increased dedicated opportunities, the
reliability of our closed network, and our unique Fleet Forward
program that pays multiple truck owners an additional rate per mile
on all miles based on the size of their fleet - the message is
clear, we are committed to the sustained success of our fleet,”
said Kyle Mitchin, Chief People Officer.
Forward’s LTL and Truckload fleet opportunities consist of
running its national LTL network (terminal to terminal – drop and
hook), dedicated lanes and open board opportunities. Fleet owners
and owner operators can expect consistent miles, revenue and mobile
app technology to assist in the management of their business.
Additionally, any drivers interested in connecting to one of our
five-star fleet owners are encouraged to apply.
For more information, visit www.DriveForwardAir.com or email
Recruiting@ForwardAir.com.
About Forward Air Corporation
Forward Air Corporation (NASDAQ: FWRD) is a leading asset-light
freight and logistics company. We provide LTL, final mile,
truckload and intermodal drayage services across the United States
and in Canada. Headquartered in Greeneville, Tennessee, Forward
operates approximately 200 facilities across the country and
employs more than 5,200 people nationwide. We are more than a
transportation company. As a single resource for your shipping
needs, Forward is your supply chain partner. For more information,
visit our website at www.forwardaircorp.com.
This press release may contain statements that might be
considered as forward-looking statements or predictions of future
operations including with respect to the expected impact of the
Company’s new destination-based compensation increase on its fleet
partners and its ability to attract and retain the best drivers.
Such statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and are based
on management’s belief or interpretation of information currently
available. These statements and assumptions involve certain risks
and uncertainties. Actual events may also differ from these
expectations as a result of the risks identified from time to time
in our filings with the Securities and Exchange Commission. You
should consider the forward-looking statement contained herein in
light of such risks. We assume no duty to update these statements
as of any future date.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210608005845/en/
Justin Moss jmoss@forwardair.com 404-362-2472
Forward Air (NASDAQ:FWRD)
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