Hub Group CFO and COO Exit After $77M Accounting Understatement, Interim CFO Named
HUBG•Hub Group’s CFO and COO have departed as the company restates financials after a $77 million understatement in first-three-quarters 2025 transportation expenses. Interim CFO Todd Heeter will serve six months while Hub Group delays Q1 2026 reporting and targets filing restated 2023–2025 results by Sept. 14.
1. Executive Departures
Hub Group’s CFO Kevin Beth and COO Brian Meents have departed the company following the discovery of an accounting error. Both will remain available as consultants during the transition.
2. Accounting Error and Restatement
The company identified a $77 million understatement in purchased transportation expenses for the first three quarters of 2025, leading to delayed fourth-quarter and full-year results. Hub Group also announced it will restate financials for 2023 and 2024 and postpone first-quarter 2026 reporting.
3. Interim Leadership Appointment
Todd Heeter, a finance leader with 30 years of experience, has been named interim CFO and treasurer for an initial six-month term. A national search firm has been engaged to find a permanent CFO, while other executives will absorb the COO duties.
4. Filing Timeline and Q2 Update
Hub Group plans to file its restated 2023–2025 annual report and first-quarter 2026 results by Sept. 14 to regain Nasdaq compliance. The company highlighted a strong second-quarter bid season with balanced demand, pricing gains, and new logistics business wins.
