Hub Group announced Friday that a majority shareholder group led by its founding family has overhauled the board, removing three directors without cause and appointing four new members. Three other members resigned on Thursday.
The new board members include lawyers, advisers and Hub Group’s (NASDAQ: HUBG) former chief financial officer, Thomas White. However, the news release said it plans to maintain a majority-independent board and appoint a new lead independent director at a later date.
“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,” said Chairman and CEO Dave Yeager. “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 returned to lead the company’s day-to-day operations last month. He is the son of the late Phillip C. Yeager, who founded the company in 1971.
The shakeup follows a delisting notification from Nasdaq for failing to timely file financial reports.
After discovering an accounting error in February, Hub Group initiated a review of its financial results for 2023, 2024 and the first three quarters of 2025. As a result of the ongoing review, the company delayed filing its financial reports for the fourth quarter and full-year 2025, as well as the first two quarters of 2026. It plans to complete the financial restatement process during the fourth quarter.
Hub Group also said Friday that it received a stay from being delisted from Nasdaq, pending the outcome of an Oct. 27 hearing.
“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,” Yeager said.
Shares of HUBG were up 1.9% in early trading on Friday compared to the S&P 500, which was up 1.1%.
Why it matters? Hub Group’s leadership changes, delayed financial filings and pending Nasdaq delisting create financial uncertainty for customers and investors.
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