Thomas Schmitt has been leading Forward Air Corporation as CEO since September 2018. He holds a Bachelor’s degree in Business Administration from the University of Georgia and specializes in operations. Under his leadership, Forward Air has seen notable financial growth,...

Thomas Schmitt has been leading Forward Air Corporation as CEO since September 2018. He holds a Bachelor’s degree in Business Administration from the University of Georgia and specializes in operations. Under his leadership, Forward Air has seen notable financial growth, although performance metrics have influenced his compensation, which dropped significantly in 2023 to around $928k, mostly from his salary, as no bonuses or stock options were awarded due to unmet performance targets. Interestingly, Schmitt made substantial stock sales during his tenure, with share sales peaking at about $5.88 million in July 2023, showcasing a strategic exit as he moved on from the firm in early 2024. He has faced ups and downs in his time at Forward Air, including a high total compensation of over $6 million in 2022 but no bonuses from 2021 onward. His no-bonus streak was due to the company not hitting its targets for several years. Schmitt's path shows a blend of steady growth and the challenges of hitting performance goals. Notably, he has transitioned out of the CEO role in February 2024, after a contractual termination, and will be part of a severance plan that underscores the risks of executive positions.

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1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Forward Air CEOs

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Thomas Schmitt

Ex-CEO of Forward Air

Education

Bachelor's degree in Business Administration from the University of Georgia.

Field of Expertise

Business & Management

Sector of Economy

Industrials

Born

February 5, 1969 - 56 years ago

CEO of Forward Air for

5 years 5 months (Aug 2018 - Feb 2024)

Previous Experience

President and Chief Executive Officer of Forward Air Corporation since 2018; previously held various roles including Chief Operating Officer.

Rivals

Competitors/colleagues of Thomas Schmitt

Holdings

See how much did Thomas Schmitt make over time.

Thomas Schmitt’s trading and stock holdings tell an interesting story. When he became CEO in 2018, he started with substantial stock options and a signing bonus. However, his real wealth came from trading shares, peaking in 2023 at around $5.88...

Thomas Schmitt’s trading and stock holdings tell an interesting story. When he became CEO in 2018, he started with substantial stock options and a signing bonus. However, his real wealth came from trading shares, peaking in 2023 at around $5.88 million in sales alone. This was during a time when his performance bonuses had completely dried up, indicating he was moving to secure his wealth as his tenure showed mixed results. Over the years, his total stock sales added up, reaching significant figures each year, especially from 2020 onward. In simpler terms, while his compensation fluctuated wildly based on performance metrics, Schmitt's stock sales presented a more consistent narrative of liquidity and strategic financial management. His wealth was previously bolstered by high stock values, with notable trading patterns indicating a keen awareness of market conditions, but by 2023, his focus shifted more towards optimizing his holdings in the face of unclear performance outcomes.

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Insider Trading

See recent insider trades of Thomas Schmitt.

FWRD

17,405 shares

FWRD

Feb 2, 2023

Received

FWRD

11,018 shares

FWRD

Feb 7, 2023

Received

FWRD

9,016 shares

FWRD

Feb 2, 2022

Received

FWRD

9,577 shares

FWRD

Feb 2, 2021

Received

FWRD

8,054 shares

FWRD

Feb 4, 2020

Received

FWRD

25,000 shares

FWRD

Sep 1, 2018

Received

Compensation History

See how much did Thomas Schmitt make over time.

In his time as CEO, Thomas Schmitt's compensation painted a picture of the ups and downs inherent in executive roles. For 2023, he took home approximately $928,241, which was a stark drop from previous years. His compensation included a base salary but lacked bonuses and vested stocks, primarily due to unmet performance benchmarks. Prior to this, he enjoyed a high compensation level, reaching upwards of $6 million in 2022, when he was still receiving bonuses. Over the years, Schmitt's pay has reflected the company's operational successes and failures, emphasizing a clear link between executive performance and pay structure. This pay-for-performance approach is common in many companies and shows how challenging it can be for executives to balance company goals with their own financial rewards. Despite the high numbers, Schmitt's tenure included years of low performance metrics that affected his total earnings dramatically, highlighting the unpredictable nature of leading large corporations and the complexity of maintaining both performance and personal financial growth.

Year

2023

Total Compensation

$928.24K

Salary

$902.00K

Board Justification

The compensation philosophy is designed to attract, develop, reward, and retain key talent while aligning executive interests with shareholder interests through a pay-for-performance culture.

Bonus

$0.00

Board Justification

No bonus was paid due to performance targets not being met under the annual incentive compensation plan.

Other

$26.24K

Board Justification

Includes 401(k) match, dividends earned on non-vested restricted shares, and long-term disability insurance premiums.

Restricted Stock

$0.00(0 Restricted Stock)

Board Justification

No stock was vested in 2023 as the focus was on performance-based awards that were not achieved.

Performance Metrics

The primary performance metrics for 2023 included operating income and individual performance objectives.

Other Forward Air CEOs

Here are other CEOs of Forward Air

Bruce A. Campbell

Ex-CEO of Forward Air

October 2007 - August 2018

Michael L. Hance

Ex-CEO of Forward Air

February 2024 - April 2024