Dive Brief:
- Hub Group interim CFO Todd Heeter will receive a monthly cash consulting fee of $125,000 in association with his appointment as temporary finance chief, the company said in a securities filing.
- Heeter, who took the interim role on May 28, will receive the monthly fee over a six-month term, according to the consulting agreement attached to the filing with the Securities and Exchange Commission.
- Heeter was appointed interim CFO after the departure of long-time company alum Kevin Beth from the Oak Brook, Illinois-based logistics and transportation management business’ top finance seat. Beth left Hub Group in tandem with chief operating officer, Brian Meents as part of ongoing “corrective actions” undertaken by the business in association with a $77 million accounting error, CFO Dive previously reported.
Dive Insight:
The consulting agreement between Hub Group and Heeter, 53, also provides authorization for “reasonable business expenses” Heeter may incur to carry out his role as interim finance chief. Heeter will not receive benefits and will be classified as an independent contractor, per the agreement.
Prior to taking the Hub Group post in May, Heeter served as CFO of NorthMark Strategies where he oversaw a “comprehensive” transformation of the finance function, according to his LinkedIn profile. He has also served as the CEO and founder of The Heeter Group, a provider of CFO, CAO and strategic advisory services to companies.
In the event Hub Group appoints a permanent CFO before the expiration of the six-month term, or any renewal term, Heeter will step down from the interim seat and serve in an “advisory capacity with such duties as to be determined by the company,” according to the consulting agreement.
The logistics management company expects to “enter into a separation agreement with Mr. Beth at a later date,” according to the filing. Both Beth and Meents are set to be available in an advisory basis during a transition period, the company said in a May 27 press release announcing their departures.
According to the company’s most recent proxy statement, filed in May 2025, no named executive officers are entitled to receive “any cash severance amounts or accelerated vesting of equity awards in connection with a termination of employment other than due to death or disability or, in the discretion of the Compensation Committee, upon retirement.”
The CFO appointment is part of a number of actions conducted by the company as it works to accurately restate its financials for the past three years, after first identifying the $77 million error in February.
Hub Group identified it had understated purchased transportation costs and accounts payable for the first nine months of 2025 in preparing its financial statements for the full year, according to a Feb. 5 press release. The total reduction to AP and purchased transportation costs related to the error was $77 million, the company said at the time — noting that it also expects the error will increase transportation and warehousing costs for the nine-month period ending Sept. 30, 2025.
After assessing the error, the company delayed the filing of its annual 10-K for 2025 as well as its coming quarterly filings and reported to the SEC that its financial statements for the first nine months of 2025 were not to be relied upon.
Additionally, the company issued a notice that its annual reports for 2024 and 2023 were “materially misstated” and should not be relied upon, according to company filings. Following an audit committee review, the company identified certain transactions for those two years “were prematurely or incorrectly recognized,” according to a May 12 business update and notice of delayed filing.
