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, while three other members resigned on Thursday. The new directors include lawyers, advisers and Hub Group's former chief financial officer, Thomas White, though the company said it plans to maintain a majority-independent board and appoint a new lead independent director at a later date. The shakeup follows a delisting notification from Nasdaq for failing to timely file financial reports, after Hub Group discovered an accounting error in February and 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, and 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, and Chairman and CEO Dave Yeager, who returned to lead day-to-day operations last month, said the company will remain focused on its long-term strategy to drive growth, profitability and operating cash flows.
Hub Group IncHub Group received a Nasdaq delisting notice for failing to timely file financial reports after discovering an accounting error, prompting a board overhaul and financial restatement.
Central Holding Group Co Ltd
Nasdaq Inc