Forward Air terminates COO Chris Ruble without cause

In a regulatory filing, Forward Air (FWRD) announced that Chris Ruble, the company’s president and COO, would be departing from the company effective December 6. Ruble’s departure was a termination without cause, which meets the definition of an “Involuntary Termination” under the company’s executive severance and change in control plan, in which Ruble is a participant. Under the severance plan and subject to Ruble’s execution and nonrevocation of a general release of claims, Ruble is eligible to receive certain payments including a severance payment and healthcare assistance payment and up to $20,000 in outplacement services. In addition to his entitlements under the severance plan, Ruble will also receive a payment of $100,000, which shall be paid in installments in accordance with the general release and waiver.