Business
Forward Air Announces New Destination-Based Compensation Increase for Fleet Partners
GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves
About this update from Forward Air Corporation
[{"type":"text","content":" GREENEVILLE, Tenn.--(BUSINESS WIRE)--\nForward 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.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210608005845/en/Destination Based Compensation Map (Graphic: Business Wire)\nThe 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.\n\nTim 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.”\n\nThe 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.\n\n“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 ...