Eric Brandt
FORWARD AIRAbout Eric Brandt
Eric Brandt (age 44) has served as Forward Air’s Chief Commercial Officer (CCO) since January 13, 2025, following senior commercial roles at Panalpina, Crane Worldwide Logistics, Agility Logistics, and CEVA Logistics . His mandate coincides with Forward’s post-Omni integration and commercial transformation; company performance since his start includes Q3 2025 revenue of $632M, operating income of $15M, and Consolidated EBITDA of $78M, with LTM Consolidated EBITDA at $299M . For 2024 (pre-Brandt tenure), Forward delivered $2.5B revenue (+80.5%), EBITDA of $308M (credit agreement definition), and focused on covenant compliance and >$100M cost synergies, albeit with a $1.03B goodwill impairment driving a $1.1B operating loss .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Panalpina | VP Sales, North Region | Feb 2017 – Oct 2019 | Led regional sales; foundation for enterprise commercial leadership |
| Crane Worldwide Logistics | VP Sales, East Region | Oct 2019 – Mar 2020 | Expanded US East sales coverage and customer acquisition |
| Agility Logistics | VP Sales, USA | Mar 2020 – Nov 2020 | National sales leadership for US market |
| CEVA Logistics | EVP Business Development | Nov 2020 – Jan 2025 | Enterprise BD; multi-modal solutions and strategic accounts |
| Forward Air | Chief Commercial Officer | Jan 13, 2025 – Present | Integrating Forward and Omni commercial offerings; customer solutions |
External Roles
No external directorships or committee roles for Eric Brandt are disclosed in company filings reviewed (executive officer section) .
Fixed Compensation
| Component | 2025 Terms |
|---|---|
| Base salary | Not disclosed in filings for Eric Brandt |
| Target annual bonus | Not disclosed; eligible for special ELT bonus programs (see Performance Compensation) |
| Perquisites | Executive policies exist (e.g., insider trading policy); no tax gross-ups for executives disclosed |
Performance Compensation
Forward tied executive pay strongly to performance, with 2024 corporate metrics set to Consolidated EBITDA and Unlevered Free Cash Flow; in late 2025 the board added transaction/strategic review-linked ELT bonus pools.
2024 Corporate Annual Incentive Plan (Context)
| Metric | Weight | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Consolidated EBITDA ($000s) | 70% | $325,000 | $308,000 | 80% | Defined per Credit Agreement; straight-line interpolation applied |
| Unlevered Free Cash Flow ($000s; H2 2024) | 30% | $131,000 | $151,000 | 0% (committee discretion; would have been 125%) | Focus on liquidity and covenant compliance |
| Total Payout Outcome | — | — | — | 56% of target | No individual objectives; beyond-stretch removed for 2024 |
2025 Executive Leadership Team (ELT) Programs (Applies to Brandt)
| Program | Eligibility | Structure | Trigger/Goals | Amount/Pool | Timing |
|---|---|---|---|---|---|
| ELT Bonus Program (performance-based cash) | “Certain ELT members” incl. CCO | Performance-based cash bonus | Achievement of goals related to strategic alternatives review; continuous service through achievement date | Not disclosed (individuals) | Established Nov 2025 |
| Executive Leadership Team Transaction Bonus Program | Eric Brandt (CCO) listed; plus CLO, CSCO, COS, EVP Ops, CPO | Bonus under 2025 Omnibus Plan | Contingent on continuous service through an Expiration Date; auto-terminated (no payout) if specified condition not met | $1,500,000 pool for distribution by Comp Committee | Paid after specified milestone/date (redacted) |
Long-Term Incentives Framework (Program design changes)
- Stock options eliminated from NEO LTI in 2024; mix moved to 50% time-based RSUs and 50% TSR PSUs; CEO had 40% RSUs/60% PSUs .
- 2022–2024 TSR PSU cycle paid 0% (below 25th percentile across measurement periods) .
- 2025 TSR PSU design unchanged except capped at 100% of target if company TSR is negative for the period .
Equity Ownership & Alignment
- Beneficial ownership for Eric Brandt not disclosed in the security ownership tables (Brandt was not a 2024 NEO and not a director at record date) .
- Policies: prohibition on executive hedging/pledging of Company stock; Dodd-Frank compliant clawback plus additional recoupment policy; executive stock ownership guidelines referenced (details not specified in proxy section) .
- Rule 10b5‑1 trading plans: no director/officer adopted or terminated plans in Q3 2025 .
Employment Terms
| Term | Provision |
|---|---|
| Severance Plan Coverage | Plan applies to selected employees; NEOs participate; CEO and NEO non-compete/solicit duration: 24 months (CEO), 18 months (other NEOs) post-termination; severance subject to signed release; no excise/gross-up; clawback applies |
| General Severance (No CIC) | Lump sum: 2x base salary (CEO); 1.5x base salary (C‑suite); 1x base (others); pro‑rata annual incentive based on actual results; healthcare assistance lump sum (24 months CEO, 18 months NEOs); up to $20,000 outplacement |
| CIC Severance (Double Trigger) | 2x (base + target annual incentive); pro‑rata target annual incentive; healthcare assistance lump sum (24 months); up to $20,000 outplacement; double-trigger equity vesting rules under plans |
| Enhanced Severance Window | For involuntary “not-for-cause” terminations between Mar 15, 2024 and Dec 31, 2025, CIC severance treatment applies and unvested equity accelerates; notice period change effective Jan 14, 2026; removal of pro‑rata annual incentive thereafter |
| Participation & Restrictive Covenants | Non‑competition and non‑solicitation required via participation agreement; durations as above |
Performance & Track Record
| Metric | FY 2024 | Q3 2025 |
|---|---|---|
| Revenue ($USD Millions) | $2,500 | $632 |
| Operating Income ($USD Millions) | $(1,100) (driven by $1,028M goodwill impairment) | $15 |
| Consolidated EBITDA ($USD Millions; Credit Agreement definition) | $308 | $78; LTM $299 |
- Brandt’s commercial initiatives highlight combining Forward and Omni offerings to win new distribution and FTL awards and bespoke automotive replenishment programs; he emphasized solution-based selling and value creation in 2025 press releases .
Compensation Peer Group (for TSR PSUs; program design context)
| Peer Companies (14) |
|---|
| ArcBest; C.H. Robinson; Expeditors; Heartland Express; Hub Group; J.B. Hunt; Knight Transportation; Landstar; Marten; Old Dominion; Saia; Schneider National; Werner; XPO |
Investment Implications
- Compensation alignment: 2025 ELT cash programs are directly tied to strategic alternatives outcomes and continuous service, reinforcing near-term execution focus and retention for Brandt and peers .
- Risk mitigants: No hedging/pledging; robust clawback/recoupment policies; double-trigger CIC vesting; no tax gross-ups; formal non‑compete/non‑solicit durations—all supportive of shareholder-friendly governance .
- Retention risk window: Enhanced severance (CIC treatment) through Dec 31, 2025 may reduce voluntary attrition but could elevate near-term bonus/vesting costs if leadership turnover occurs; Brandt’s eligibility is not explicitly stated but the window covers select executives during this period .
- Execution signals: Public customer wins and integrated Forward/Omni solutions under Brandt’s commercial leadership support demand capture amid freight recession; Q3 2025 EBITDA margins improved in Expedited Freight, and Omni posted strongest results since acquisition—positive for commercial execution quality .