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Hub Group continues to reshape oversight with board additions. But ongoing fallout from past accounting errors adds to departures. Staff Reporter October 6, 2026 1:00 PM, EDT Hub Group added four new members to its board of directors whose expertise encompasses brand strategy, accounting, mergers and acquisitions, and private equity. (Hub Group) Key takeaways: Veteran executive David Yeager continued to reshape Hub Group's management and oversight framework Oct. 2 following the discovery of accounting errors at the carrier founded by his father in 1971. 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. Former Hub Group Chief Financial Officer Kevin Beth (left) and Chief Operations Officer Brian Meents. (Photos via LinkedIn) 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 announced significant changes to its board of directors following action by controlling shareholders from the Yeager family. On 1 October 2026, the shareholders appointed four new directors and removed three existing board members. Gregory D. Bunch, Thomas P. Fitzgerald, Thaddeus J. Malik, and Thomas M. White joined the board. Three directors were removed without cause, and three others resigned. The board now consists of seven directors, including Chairman David P. Yeager and Vice Chairman Phillip D. Yeager. The changes do not affect Hub Group's management team or operations. The company continues working to complete its financial statement restatement process and file delayed periodic reports, expected in the fourth quarter of 2026. Hub Group is appealing Nasdaq's delisting determination after failing to file required reports. A hearing is scheduled for 27 October 2026.

Hub Group reshuffles board, continues delisting fight. The logistics company named four new directors, including a former CFO, as it continues working to restate its past three years of financial statements. Published Oct. 2, 2026 Dive brief: * Hub Group reshuffled its board of directors, naming four new members and removing three existing directors among other moves, the transportation and logistics company said in a Friday press release and securities filing. * The Oak Brook, Illinois-based business noted that the changes, effective Oct. 1, do not "affect the Company's management team, strategy or day-to-day operations," according to the Friday release. The board changes - which follow C-suite shifts made by the company last month - come as Hub Group works to refile the last three years of its financial statements after reporting a $77 million accounting error and to avoid the delisting of its stock. * "The Company's finance and accounting team continues to work expeditiously to complete the restatement process and file the Company's delayed periodic reports," the logistics firm said in the Friday release. "Hub Group continues to expect to complete this process in the fourth quarter of 2026." Dive insight: Shareholders of Hub Group acted by written consent on Thursday to appoint Gregory D. Bunch, Thomas P. Fitzgerald, Thaddeus J. Malik and Thomas M. White - a former Hub Group CFO - to the board, according to the release. They also voted to remove Michael Flannery, Peter McNitt and Gary Yablon from the board without cause, with the changes effective Oct. 1. Following the delivery of the shareholders' written consent, board members Mary H. Boosalis, Jennell Ross and Martin P. Slark resigned from the board effective Thursday. The new directors will "bring valuable perspectives and relevant expertise to the Board's oversight of the Company's management, business and ongoing initiatives," CEO and Executive Chairman David P. Yeager said. The four newly-appointed directors bring expertise across legal, financial and consulting industries. For example, White previously served as Hub Group's CFO and treasurer for a four-year period beginning May 2002 and has served as operating partner for Apollo Global Management, according to the filing with the Securities and Exchange Commission. Malik presently serves as president and principal of S2T Solutions, a transactional advisory services company. "They intend to work constructively and collaboratively with the continuing directors to advance the best interests of Hub Group and all of its stakeholders," Yeager said in a statement included in the release. "We will remain focused on our long-term strategy to drive growth, profitability and operating cash flows, as we work to deliver for our shareholders, customers and team members." The board reshuffle will not impact the C-suite changes Hub Group previously announced last month, it said Friday - which included naming Yeager, son of founder Phillip Yeager, to serve as its CEO, a role he had previously held for three decades, CFO Dive reported at the time. Hub Group also announced Patrick O'Donnell, most recently the CFO of Treehouse Foods, will step in as its CFO after the filing of its delayed 10-K form for fiscal 2025. O'Donnell has officially joined the business as its CFO elect and special advisor, while current interim CFO Todd Heeter will remain in that position until the filing of its annual 10-K for fiscal 2025 and will lead its financial restatement efforts, CFO Dive reported. The new board members will join Yeager and O'Donnell as Hub Group continues an ongoing financial restatement process begun in February, when the logistics business first identified it had understated purchased transportation costs and accounts payable for the first nine months of 2025. Hub Group then issued notices to the Securities and Exchange Commission noting its financial statements for the first nine months of this year and the two preceding fiscal years were materially misstated, and has been working to complete restatements since that point, CFO Dive previously reported. Shortly after announcing Yeager and O'Donnell's appointments, Hub Group on Sept. 16 received a notice that the Nasdaq had initiated a process to delist its Common A stock as the company has yet to file its annual 10-K for fiscal 2025 as well as quarterly reports for the first half of its fiscal 2026, according to an SEC filing at the time. Hub Group has appealed the notice and requested a hearing before the Nasdaq Hearing Panel, currently scheduled for Oct. 27, according to the Friday release. It has also "requested, and has been granted, a stay of the delisting action pending the outcome of the hearing," the company said.