Dive Brief:
- Hub Group announced an interim CFO and treasurer, effective immediately, and the departures of its finance chief and chief operating officer Thursday, according to an announcement.
- Todd Heeter takes over for Kevin Beth who left the position after serving as EVP, CFO and treasurer since January 2024, per the release. Also leaving the company is EVP and COO Brian Meents.
- Hub Group, whose accounting missteps have delayed its full-year 2025 and Q1 2026 earnings filings, said it was taking “corrective actions, including enhancing our financial reporting processes and making changes to the company’s leadership team.”
Dive Insight:
Hub Group announced the discovery of its accounting error in February, which not only delayed its end-of-year 2025 earnings filings and first quarter 2026 results, but now will also require restating year-end financials for 2023 and 2024. The accounting misstep was a $77 million error that led to the understatement of purchased transportation costs and accounts payable the first nine months of 2025.
Hub Group has seen much turnover in its financial and accounting leadership the past year. In June 2025, Hub Group announced Brent Rhodes, then its chief accounting officer, was resigning to pursue other opportunities and that his departure was not related to any disagreement or concern with matters related to the company’s financial policies or procedures. Rhodes was replaced by Dennis Matthews, then the company’s VP of internal audit.
While Beth and Meents are leaving Hub Group, both will be available as consultants to the company during the transition, the release said.
David Yeager, executive chairman of Hub Group, said Heeter will aid the company as it works through restating its quarterly financial reports and implementing enhancements to its internal accounting controls.
“Todd is a seasoned finance and accounting executive with many years of experience stepping into roles such as this one,” Yeager said. Heeter’s appointment is for six months but could be extended if needed, the release said.
Heeter founded The Heeter Group, a strategic advisory firm, Hub Group said. He has previous experience as a CFO and other financial roles throughout his career across various industries including distribution, financial services, healthcare, technology and manufacturing.
Additionally, Hub Group announced May 21 it received its second delinquency filing notice from Nasdaq for failing to meet the organization’s Q1 2026 earnings filing deadline. However, the company previously acknowledged it was expecting the notice and was granted an extension to file its first quarter results by Sept. 14.
The company’s other Nasdaq delinquency filing notice was for not filing its year-end 2025 results on time.
Phil Yeager, vice chairman, president and CEO of Hub Group, said the company is taking the necessary steps to complete its accounting review and enhance its financial reporting processes. He added the company continues to onboard new business in its logistics segment and its brokerage business showed improving profitability and expanding revenue per load.
“We remain focused on executing our strategy and serving our customers,” he said.
