Forward Air Executive Compensation (FY25)
FWRD · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025 ◇ Shawn Stewart | Latest say-on-pay support = June 17, 2026 | Chief executive pay ratio ◇ To the median employee |
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Data as of November 5, 2026Latest filing (8-K): June 17, 2026
14 filings cited on this page
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282 figures on this page: 272 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
More on Forward Air
Five data products on this company. Each one is requested through the developer setup page.
- Peer Disclosure Audit$5The comparison companies this board named, each one tied to the filing that lists it.How to get Peer Disclosure Audit
- Governance Provisions PullfreeThe governance provisions as the proxy states them: board leadership, committee membership, and shareholder rights.How to get Governance Provisions Pull
- Say-on-Pay Risk Signal$9A risk band for the next say-on-pay vote, with the support history and the peer comparison behind it.How to get Say-on-Pay Risk Signal
- NEO Comp Report$24Every named executive officer’s pay by element and year, with the citation behind each figure.How to get NEO Comp Report
- Board Comp Report$24What each non-employee director was paid, the standing fee schedule, and the equity each one holds at year end.How to get Board Comp Report
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Shawn Stewart: $4,564,259 → $5,561,309 (21.8% higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Forward Air's chief executive and what were they paid?
Total compensation for Shawn Stewart, Chief Executive Officer, came to $5,561,309 in fiscal 2025. Compared with the $4,564,259 reported for fiscal 2024, Stewart's total was 21.8% higher.
What was Forward Air's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 95.6% of votes cast for or against in favor at the meeting held June 17, 2026.
Which companies are in Forward Air's peer group?
The disclosed peer group includes ArcBest Corporation, C.H. Robinson Worldwide, Inc., Expeditors International of Washington, Inc., Heartland Express, Inc. and Hub Group, Inc., among others.
What is Forward Air's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 140.2:1, against median employee compensation of $39,663.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Thomas Schmitt Former President and CEO (4) | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Chris Ruble Former President and COO | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Michael Hance Chief Legal Officer and Secretary (4) | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Rebecca Garbrick Former CFO and Treasurer (5) | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Kyle Mitchin Chief People Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Thomas Schmitt Former President and CEO (4) | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Chris Ruble Former President and COO | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Michael Hance Chief Legal Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Rebecca Garbrick Former CFO and | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Kyle Mitchin Chief People Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Shawn Stewart Chief Executive Officer | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Michael Hance Chief Legal Officer and Secretary (4) | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Chris Ruble Former President and COO Departed during or after this year | ◇ | — | ◇ | — | — | — | ◇ | ◇ |
Jamie Pierson Chief Financial Officer | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Nancee Ronning Former CPO Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Joseph Tomasello Chief Information Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Rebecca Garbrick Former CFO and Treasurer (5) Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Thomas Schmitt Former President and CEO (4) Departed during or after this year | ◇ | — | — | — | ◇ | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Shawn Stewart Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Jamie Pierson Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Jerome Lorrain Executive Chairman | ◇ | — | ◇ | — | — | — | ◇ | ◇ |
Michael Hance Chief Legal Officer and Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Eric Brandt Chief Commercial Officer | ◇ | — | ◇ | — | ◇ | — | — | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Eric Brandt | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Eric Brandt | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Jamie Pierson | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jamie Pierson | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Jamie Pierson | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Jerome Lorrain | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Jerome Lorrain | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Jerome Lorrain | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Michael L. Hance | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Michael L. Hance | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Shawn Stewart | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Shawn Stewart | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Shawn Stewart | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Shawn Stewart | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Jamie Pierson | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Michael Hance | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 2/7/2030 | |
| Jerome Lorrain | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Eric Brandt | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Christine M. Gorjanc | ◇ | ◇ | — | — | — | — | ◇ |
Dale W. Boyles | ◇ | ◇ | — | — | — | — | ◇ |
Robert L. Edwards, Jr | ◇ | ◇ | — | — | — | — | ◇ |
Charles L. Anderson | ◇ | ◇ | — | — | — | — | ◇ |
Paul Svindland Lead independent director | ◇ | ◇ | — | — | — | — | ◇ |
Michael B. Hodge | ◇ | ◇ | — | — | — | — | ◇ |
George S. Mayes, Jr | ◇ | — | — | — | — | — | ◇ |
Laurie A. Tucker | ◇ | — | — | — | — | — | ◇ |
Ana Amicarella | ◇ | — | — | — | — | — | ◇ |
Javier Polit | ◇ | — | — | — | — | — | ◇ |
Valerie Bonebrake | ◇ | — | — | — | — | — | ◇ |
Shawn Stewart and Jerome Lorrain served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Board chair premium | ◇ |
| Lead independent director premium | ◇ |
| Audit committee chair | ◇ |
| Audit committee member | ◇ |
| Compensation committee chair | ◇ |
| Compensation committee member | ◇ |
| Nominating and governance chair | ◇ |
| Nominating and governance member | ◇ |
Equity is delivered as Restricted Stock.
Stock ownership guideline: 5x annual cash retainer ($425,000)
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2024
- ArcBest Corporation ARCB
- C.H. Robinson Worldwide, Inc. CHRW
- Expeditors International of Washington, Inc. EXPD
- Heartland Express, Inc. HTLD
- Hub Group, Inc. HUBG
- J.B. Hunt Transport Services, Inc. JBHT
- Knight Transportation, Inc. PTSI
- Landstar Systems, Inc. symbol not shown
- Marten Transport, Ltd. MRTN
- Old Dominion Freight Line, Inc. ODFL
- Saia, Inc. SAIA
- Schneider National, Inc. SNDR
- Werner Enterprises, Inc. WERN
- XPO Logistics, Inc. XPO
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | June 17, 2026 | = | ◇ | ◇ | ◇ |
| 2023 | June 3, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 9, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | May 10, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 19, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | May 12, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 7, 2019 | = | ◇ | ◇ | ◇ |
| 2017 | May 15, 2018 | = | ◇ | ◇ | ◇ |
| 2016 | May 9, 2017 | = | ◇ | ◇ | ◇ |
| 2015 | May 10, 2016 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
Ask our research desk — $99, 24h, every figure cited to its filing.
Sample answer — “What is the CEO’s total compensation?”
- Shawn Stewart (Chief Executive Officer), FY2025 total compensation $5,561,309 (base salary $900,000) [exec_comp, SEC accession 0001104659-26-051569, filed 2026-04-29]What this page does not include
Everything above is a fact Forward Air disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Forward Air sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about accessMultiple companies at once
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
282 figures on this page: 272 cited to the filing that reported them, 10 calculated from figures it prints.
272 cited to the filing
10 calculated from the filing
Documents cited
- 0001628280-26-043864Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001104659-26-051569DIRECTOR COMPENSATION · Summary Compensation Table
- 0001628280-25-025151
- 0001628280-24-026636Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001628280-24-024198
- 0001628280-23-017644Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001628280-23-009304
- 0001628280-22-013882Item 5.07 Submission of Matters to a Vote of Security Holders
- 0000912728-21-000140Item 5.07 Submission of Matters to a Vote of Security Holders
- 0000912728-20-000066
- 0000912728-19-000075
- 0000912728-18-000063
- 0000912728-17-000064
- 0000912728-16-000226
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Forward Air executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/FWRD (accessed 2026).
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The paid brief for Forward Air
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$500 for the Executive Compensation Report. Both reports for $900.
14 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Forward Air discloses
The companies named in FWRD's own disclosed peer group.
Terms on this page
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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}