Forward Industries, Inc. (NASDAQ:FORD) (“the Company” or “Forward”) and LaGrange Capital Partners announced today that LaGrange founder and general partner Frank LaGrange “Grange” Johnson will assume the role of Chairman of the Board of Forward Industries, a technology solutions provider that designs, markets and distributes carrying cases and accessories for the handheld consumer electronics and medical device industries. Additionally, Brett M. Johnson will take over as CEO.
Doug Sabra made the announcement that he is immediately stepping down as Acting Chairman and CEO. In addition, Owen King and Stephen Key are joining the Board of Directors, replacing Bruce Galloway and Michael Schiffman. Mr. Schiffman has agreed to serve as an ongoing advisor to the Company.
The company has also repealed all corporate actions taken on June 9
, 2010, including the adoption of the Shareholder Protection Rights Agreement and certain amendments to the Company’s Bylaws.
LaGrange, the largest shareholder of Forward with 26.40% of the shares outstanding, is pleased with the positive changes and believes the new management team can create shareholder value.
Grange Johnson wished Sabra and the outgoing board members well and thanked them for their years of dedicated service. “We are excited about the opportunity ahead of us and we appreciate the support of the Company going forward,” said Johnson.
“With this new leadership team, we are excited to grow Forward’s existing original equipment manufacturer business and to expand with new product channels and geographies,” said Brett M. Johnson. “We believe that these represent significant and exciting opportunities for the Company. Over the course of the next few years, we are looking to transform Forward into a leader in the technology accessories category.”
In a letter to the Company, Sabra noted that “Brett M. Johnson brings an exceptional amount of industry experience and is the best possible person to execute the strategy recently adopted by the board.”