Key Takeaways

  • Hub Group disclosed in a securities filing that interim CFO Todd Heeter will receive a monthly cash consulting fee of $125,000 for serving as interim finance chief.
  • Heeter assumed the interim role on May 28, and the monthly fee will be paid over six months, according to the consulting agreement filed with the SEC.
  • Heeter was named interim CFO after long-tenured Kevin Beth left the top finance post at the Oak Brook, Illinois-based logistics and transportation management company. Beth departed alongside COO Brian Meents, following CFO Dive's reporting that this was tied to the company's "corrective measures" related to a $77 million accounting error.

Dive Deeper

Hub Group's consulting agreement with Heeter, 53, also authorizes reimbursement for "reasonable business expenses" incurred in performing his interim finance chief duties. Under the agreement, Heeter will not receive benefits and will be considered an independent contractor.

Before joining Hub Group in May, Heeter served as CFO at NorthMark Strategies, where he led a "comprehensive" transformation of the finance function, according to his LinkedIn profile. He also served as CEO and founder of The Heeter Group, a firm providing CFO, CAO, and strategic consulting services to companies.

The consulting agreement stipulates that if Hub Group appoints a permanent CFO before the end of the six-month term or any renewal period, Heeter will step down from the interim role and serve in an "advisory capacity," with specific duties determined by the company.

The logistics management company expects "to enter into a separation agreement with Mr. Beth at a later date," the filing shows. According to the company's press release announcing both departures on May 27, Beth and Meents will both provide support in an advisory capacity during the transition period.

According to the company's latest proxy statement filed in May 2025, no named executive officer is entitled to "any cash severance or accelerated vesting of equity awards" upon termination of employment, except in the case of death or disability, or retirement approved at the discretion of the compensation committee.

Appointing an interim CFO is one of several measures the company has taken to accurately restate its financial results for the past three years, after first discovering the $77 million accounting error in February.

Hub Group said in a Feb. 5 press release that while preparing its annual financial statements, it discovered it had understated transportation purchase costs and accounts payable for the first nine months of 2025. The company said at the time that the total reduction in accounts payable and transportation purchase costs related to the error was $77 million, and it expected the error would also increase transportation and warehousing costs for the nine-month period ended Sept. 30, 2025.

After evaluating the error, the company delayed the filing of its 2025 annual 10-K report and subsequent quarterly reports, and reported to the SEC that its financial statements for the first nine months of 2025 could not be relied upon.

Additionally, the company issued notices that its 2024 and 2023 annual reports "contained material misstatements" and should not be relied upon. According to the company's filing, following a review by the audit committee, the company found that certain transactions in those two years "were recognized prematurely or incorrectly," as noted in its May 12 business update and delayed filing notice.