Hub Group said Thursday that its chief financial officer and chief operating officer have left the company. The announcement comes as the company is in the process of restating financials after discovering an accounting error.
In February, the company flagged a $77 million understatement of purchased transportation expenses for the first three quarters of 2025. That caused it to delay the release of fourth-quarter and full-year results. Earlier this month, it announced that it will now be forced to restate results for 2023 and 2024, and that it would delay financial reporting for the 2026 first quarter.
The Thursday news release said CFO Kevin Beth has departed the company along with COO Brian Meents. However, both “will be available to the Company on a consulting basis for a transition period.”
Hub Group (NASDAQ: HUBG) said Todd Heeter has been appointed CFO and treasurer on an interim basis, effective immediately. Heeter has 30 years of finance and accounting experience in leadership and advisory roles. His initial term with Hub Group is slated for six months, but may be extended.
The company has engaged a national search firm to find a permanent CFO. Other senior leaders will assume the COO duties.
“The Hub Group Board of Directors views the integrity of the Company’s financial statements as a key pillar of our ongoing success,” said Peter McNitt, lead director, and Gary Yablon, chair of the audit committee, in a joint statement. “In connection with the review conducted under the direction of the Audit Committee, we are taking corrective actions, including enhancing our financial reporting processes and making changes to the Company’s leadership team.
“We will continue to prioritize finalizing our financial statements and becoming current with the filing of our periodic reports with the SEC.”
Hub plans to file its 2025 annual report, which will include restated results for the impacted periods, on or before Sept. 14 (the deadline to regain compliance with Nasdaq’s filing rules). It also plans to file first-quarter 2026 results by that date.
“The Board appreciates Todd joining Hub Group and taking on the role of CFO and Treasurer on an interim basis as we work through the restatement of our financial statements and implement enhancements to our internal accounting controls,” said David Yeager, executive chairman.
The company also provided a brief second-quarter update. It touted a “successful bid season” with “balanced demand trends and stronger pricing.” It also noted incremental intermodal conversion opportunities and new business wins in its logistics unit.
“With our strong customer relationships and leading market position, our team continues to work to drive growth, improve profitability and increase operating cash flows,” said Phil Yeager, president, CEO and vice chairman.
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