Forward Industries , Inc. (NASDAQ:FORD), a New York-based company specializing in plastics products with a market capitalization of $5 million and annual revenue of $31.36 million, announced a significant leadership change in its subsidiary Intelligent Product Solutions, Inc. (IPS).
On Monday, the company's board appointed Robert Wild as the new Chief Executive Officer of IPS, effective January 1, 2025. According to InvestingPro data, the company has shown strong returns in recent months despite challenging market conditions.
Mr. Wild, who is currently serving as the Chief Operating Officer of IPS, will assume the CEO position following a planned transition. The current President of IPS, Paul Severino, will continue in his role but will shift to part-time status starting January 1, 2025. Along with the change in his employment status, Mr. Severino's annual salary will be adjusted to $170,000, in addition to his existing allowances.
The company currently trades at $4.48 per share, with InvestingPro analysis suggesting the stock may be slightly undervalued based on its Fair Value assessment.
In other recent news, Forward Industries has extended and amended its Buying Agency and Supply Agreement with Forward Industries (Asia-Pacific) Corporation until April 30, 2025. The amendment allows either party to terminate the agreement with a 30-day prior notice and significantly reduces the monthly service fee from $65,833 to $35,000.
Payment terms for all products and services fees have also been altered from 60 days to seven days after Forward Industries collects payments from its customers.
In a move towards financial restructuring, the company has reduced the CEO's salary from $337,000 to $252,750 and converted $500,000 of accounts payable into equity, issuing 500 shares of its Series A-1 Convertible Preferred Stock. The authorized shares of Series A-1 have been increased from 1,700 to 2,700. This strategic maneuvering has helped Forward Industries regain compliance with NASDAQ's listing requirements.
In recent leadership changes, Forward Industries announced the appointment of Dr. Brad Carlson as Vice President of Technology and Business Development at its subsidiary, Intelligent Product Solutions (IPS). Dr. Carlson brings over two decades of experience in the medical devices and industrial markets, potentially driving growth in the MedTech sector.
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