Dive Brief:
- Hub Group Inc. announced several leadership changes, including a new CEO and incoming CFO, according to a Monday release. In another Monday release, the transportation and logistics business also updated its efforts to restate its past three years of financial statements following a $77 million error in accounting for transportation costs identified in February.
- The Oak Brook, Illinois-based business said David Yeager — son of the business’ late founder, Phillip Yeager and long-time top executive — will return from retirement to the role of CEO alongside that of executive chairman effective immediately. Patrick O’Donnell, meanwhile, will take its CFO seat following the filing of its delayed 10-K form for its fiscal year ended Dec. 31, 2025, according to the release.
- The executive appointments come about four months after the transportation group’s then-CFO Kevin Beth and Chief Operating Officer Brian Meents left the business in May, as part of continued “corrective actions” Hub Group took in response to the $77 million accounting error. The business appointed Todd Heeter to the role of interim CFO and treasurer upon Beth’s departure, while the responsibilities of the COO were assumed by various senior leaders, CFO Dive reported at the time.
Dive Insight:
Heeter will continue to serve as interim finance chief and continue to lead efforts to complete the financial restatement process, Hub Group said Monday.
O’Donnell, meanwhile, has joined the company as a special advisor and CFO elect, and will officially assume the role after Hub Group has completed its financial restatements and issued its financial statement for its fiscal 2025, according to the Monday release.
O’Donnell is joining the logistics firm after leaving food and beverage company TreeHouse Foods, where he has served as EVP and CFO since April 2023, according to his LinkedIn profile. During eight years at TreeHouse, O’Donnell has also served as its interim CFO and chief accounting officer, and as VP and controller. He joined TreeHouse after nearly 15 years with Big Four firm PricewaterhouseCoopers, where he served in roles including assurance senior manager and national office consultant.
David Yeager is reassuming the CEO seat he held for three decades, replacing his son, Phillip Yeager, who assumed the company’s top position in 2022 when his father stepped down. David Yeager has continued to serve as board chairmen, CFO Dive sister publication Trucking Dive reported at the time.
Phillip Yeager will remain with the company as president and vice chairman.
“Hub Group was founded by the Yeager family more than 55 years ago with a commitment to service, integrity and innovation,” David Yeager — whose parents founded the business in 1971 as Hub City Terminals — said in the Monday release.
“I am confident that this leadership team will help drive the business forward into its next phase of growth,” he said. “I look forward to partnering with Phil and Pat to deliver excellent results for our shareholders, customers and team members.”
The business will draw on both Yeager’s and O’Donnell’s expertise as it continues to “work diligently” on its financial restatements, the group said in a separate Monday release.
Hub Group first identified it had understated purchased transportation costs and accounts payable for the first nine months of 2025 in the course of the preparation for its financial statements for that fiscal year, it said in a Feb. 5 press release. The understatement totalled $77 million, CFO Dive reported at the time.
After identifying the error, the company issued notices to the Securities and Exchange Commission that its financial statements for the first nine months of 2026, and its statements for the two preceding fiscal years of 2024 and 2023, were materially misstated and should not be relied upon, CFO Dive reported.
The business is working to complete restatements of its 2024 and 2023 fiscal years, as well as the quarterly reporting periods ending Mar. 31, 2025, June 30, 2025 and Sept. 30, 2025, respectively, Hub Group said Monday.
Hub Group also plans to file a form 10-K for fiscal 2025, which will include results for that year ended Dec. 31 “which have not been previously issued,” the company said.
Nasdaq previously granted the business an exception through Monday to file certain forms for the periods in question, Hub Group said in the release, which included preliminary, select financial results for its first and second quarters of fiscal year 2026.
“The Company has determined that it needs additional time to complete the restatements and related audits of its financial statements and expects to complete such filings in the fourth quarter of 2026,” Hub Group said.
Hub Group expects to receive another delisting notice due to the late filings, but notes “importantly, receipt of this notification will not immediately result in the suspension of trading or delisting of the Company’s Class A common stock,” the company said.
“The Company intends to timely request a hearing before the Nasdaq Hearings Panel to appeal the determination within seven calendar days from receipt of any determination,” Hub Group said.
