Hub Group added four new members to its board of directors whose expertise encompasses brand strategy, accounting, mergers and acquisitions, and private equity. Six members of the board exited concurrently.
Gregory Bunch, Thomas Fitzgerald, Thaddeus Malik and Thomas White joined the Hub Group board. Michael Flannery, Peter McNitt and Gary Yablon were removed from the board. Mary Boosalis, Jenell Ross and Martin Slark resigned from the board.
"We believe that the newly appointed directors will bring valuable perspectives and relevant expertise to the board’s oversight of the company’s management, business and ongoing initiatives," Yeager said.
Bunch is a longtime management and brand strategy consultant. Fitzgerald is a former lawyer with private equity, finance and commercial litigation expertise. Malik is an M&A specialist. White is a former executive at alternative investment and private equity giant Apollo Global Management as well as a former Hub Group chief financial officer.
The Oak Brook, Ill.-based company appointed former TreeHouse Foods executive Patrick O’Donnell as CFO-elect in September. He will assume the role of permanent CFO when the carrier has completed its earnings restatement.
Yeager also returned as Hub Group chairman and CEO in September after stepping away from day-to-day operations in December 2022. He remained executive chairman of the board in the intervening years. His son Phillip Yeager, named after his grandfather, remained president of the company.
"Hub Group was founded by the Yeager family more than 55 years ago with a commitment to service, integrity and innovation," David Yeager said on his Sept. 14 return as the company’s top executive. "I am confident that this leadership team will help drive the business forward into its next phase of growth."
Correcting the understatement of purchased transportation and accounts payable expenses is delaying the carrier’s earnings release, and the process is taking so long that the intermodal and logistics service provider’s public listing is under threat.
The additions followed the removal of then-CFO Kevin Beth and then-Chief Operating Officer Brian Meents in May in the aftermath of the discovery of the accounting errors. Rectification of the errors from 2023, 2024 and 2025 and a subsequent refiling were expected by mid-September at the latest in May.
Hub Group now expects to complete the process in the fourth quarter of 2026 and is seeking Nasdaq forbearance for belated submission of the restated earnings plus quarterly earnings for the first two filings of 2026.
On Sept. 16, Hub Group received a Nasdaq notice that proceedings had begun toward a delisting. The company appealed the staff determination, requesting a hearing to explain why its earnings and restatements failed to meet a Sept. 14 Nasdaq deadline. The request was granted, and the hearing is scheduled for Oct. 27.
Hub Group first revealed details of the accounting errors in February. The carrier said an error resulted in the understatement of purchased transportation costs and accounts payable. The company estimated the size of the error at around $77 million.
The carrier must restate earnings for the years that ended Dec. 31, 2023, and 2024, and the quarters ending March 31, 2025; June 30, 2025; and Sept. 30, 2025.
Hub Group ranks No. 15 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 20 on the TT Top 100 list of the largest logistics companies.
