Hub Group announced Thursday that CEO Dave Yeager is retiring after 26 years at the helm. Phil Yeager, current president and chief operating officer, will take on the CEO role starting Jan. 1.
Dave Yeager will continue in his role as executive chairman, working closely with the company through the transition process.
Dave Yeager started at Oak Brook, Illinois-based Hub Group (NASDAQ: HUBG) in 1975, growing it from an intermodal marketing company into a full-service transportation and logistics provider.
“My parents started our business over 50 years ago in a one-room office in Hinsdale, Illinois,” Dave Yeager said in a news release. “Through the success of a great team, we have grown into a diversified supply chain solutions provider with nearly 6,000 dedicated, hardworking employees and over $5 billion in revenue.”
In addition to starting his new role, Phil Yeager will join the company’s board at the beginning of the year. Since joining Hub Group in 2011, he has held various leadership positions, including serving in his current role since 2019. Prior to Hub Group, he held finance roles with BMO Harris Bank and Lazard Freres.
“Over the last 10 years, Phil has been responsible for the development and execution of our strategy to deliver a world-class customer experience, enhance our technology and diversify our service offerings while improving our operational excellence, cost discipline and yield processes,” Dave Yeager said.
The announcement also included other details of the company’s succession plan.
Brian Alexander, current executive vice president of logistics, will become COO. Brian Meents will be promoted to chief marketing officer after serving most recently in account management, sales and marketing. Chris Hoffmeister will take over as chief commercial officer following a lead role in account management.
“I am honored to be named the third CEO in our 51-year history,” Phil Yeager said. “I believe we are exceptionally well positioned to serve our customers, employees and shareholders while we continue to grow our business to drive long-term success.”
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