Hub Group Delays Filings as New CFO Takes Waiting Role

Hub Group’s finance overhaul now has a deadline attached to it. Patrick O’Donnell has joined the transportation company as CFO-elect, but he will not formally take the job until Hub Group files its delayed 2025 annual report and completes the financial restatement stemming from a $77 million accounting error.

Todd Heeter will remain interim CFO and continue leading the reporting cleanup. O’Donnell joins from TreeHouse Foods, where he was executive vice president and CFO, after nearly 15 years at PricewaterhouseCoopers. The appointment gives Hub Group an incoming finance chief with audit and public-company experience, but it also underlines how the company has separated the restatement work from its post-crisis leadership structure.

David Yeager, who led Hub Group for roughly three decades before retiring as CEO, is returning immediately as chairman and chief executive. His son, Phillip Yeager, will remain president and vice chairman. Kevin Beth, the former CFO, and Brian Meents, the former chief operating officer, departed in May after the company disclosed the accounting problem.

The error understated purchased transportation costs and accounts payable by $77 million during the first nine months of 2025. Hub Group said the issue requires restating its 2023 and 2024 annual results, several 2025 quarterly periods and filings for the first two quarters of 2026. The company now expects to complete those filings in the fourth quarter of 2026.

That delay carries a market consequence. Hub Group expects Nasdaq to issue a Staff Delisting Determination because it missed the exchange’s September 14 deadline. The company plans to request a hearing and seek a stay, arguing that its Class A shares should continue trading while it works through the filing backlog. A delisting notice would not immediately halt trading.

The accounting problem is unfolding alongside weaker operating conditions. Hub Group expects first-half 2026 revenue of $1.70 billion to $1.80 billion, but also anticipates an operating loss before one-time charges as fuel, rail and drayage costs pressure intermodal results and excess capacity weighs on logistics. The company borrowed $75 million under its revolving credit facility in August and amended that agreement to extend lender filing deadlines to November 30.

For investors, the new CFO is less a fresh start than a marker for when the company can finally produce reliable numbers again.