Hub Group CFO, COO Exit After $77M Accounting Error

Hub Group announced the departure of its chief financial officer Kevin Beth and chief operating officer Brian Meents following the discovery of a significant accounting error that requires restating financial results for 2023, 2024, and three quarters of 2025. The company initially flagged a $77 million understatement of purchased transportation expenses in February, which triggered delays in quarterly and annual reporting. Todd Heeter, with 30 years of finance and accounting experience, has assumed the CFO role on an interim basis while the company engages a search firm for a permanent replacement.

The accounting error represents more than a routine operational hiccup—it reflects potential weaknesses in Hub Group's internal financial controls and raises questions about oversight mechanisms across the company's ledger. The multi-year nature of the restatement suggests these issues may have persisted undetected for an extended period, creating liability exposure and stakeholder confidence concerns. For supply chain professionals and logistics operators relying on Hub Group's services or competitive positioning, this disruption signals potential operational instability during a critical transition period.

Hub Group must file restated results and achieve Nasdaq compliance by September 14, 2025, while simultaneously implementing enhanced financial reporting processes and leadership changes. The company faces the dual challenge of stabilizing investor confidence and maintaining operational continuity in a competitive freight market. Management's emphasis on "successful bid season" performance and intermodal conversion opportunities suggests the company aims to demonstrate resilience despite the governance crisis, but sustained leadership turnover could impact execution capability and customer retention.