Dive Brief:
- Hub Group announced David Yeager has returned to his former role as chairman and CEO as of Monday. He was previously executive chairman.
- The leadership change comes as the company continues its efforts to restate financial results dating back to 2023 due to accounting missteps. Yeager’s son, Phillip, who succeeded his father in the lead executive post on Jan. 1, 2023, will now serve as president and vice chairman, per the release.
- David Yeager said his family’s business was founded more than 55 years ago with a commitment to service, integrity and innovation. He added, “I am confident that this leadership team will help drive the business forward into its next phase of growth.”
Dive Insight:
David and Phillip Yeager returning to their previous roles were among other executive appointments announced by the Oak Brook, Illinois-based transportation and logistics company on Monday.
The company said Patrick O’Donnell will become its new CFO. His appointment will be effective after the firm files its end of year 2025 earnings results. For now, O’Donnell will serve as special advisor and CFO-elect.
Todd Heeter, who was named interim CFO and treasurer in May, will remain with the company in his current role and lead efforts to complete Hub Group’s financial reinstatements.
Hub Group also announced Monday it expects to complete work on the restatement of filings by Q4. This includes its end-of-year 2025 financials and its 2026 Q1 and Q2 results as well as its end-of-year filings for 2023 and 2024.
The company was initially given a Sept. 14 deadline to complete its financial restatements but said it required additional time to complete the work and related audits, the press release said.
Hub Group discovered its accounting error in February. The misstep was a $77 million understatement of purchased transportation costs and accounts payable for the first nine months of 2025.
The error not only delayed the company from reporting its end-of-year 2025 results but also its first and second quarter results for 2026. The company said the error also would require reinstating end-of-year earnings for 2023 and 2024.
