At a Glance

  • Hub Group said 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, who took on the interim role on May 28, will be paid monthly over a six-month term, according to the consulting agreement attached to the filing with the U.S. Securities and Exchange Commission.
  • Heeter was named interim CFO after longtime company veteran Kevin Beth departed the top finance post at the Oak Brook, Illinois-based logistics and transportation management company. Beth left Hub Group alongside Chief Operating Officer Brian Meents as part of the company's "corrective actions" related to a $77 million accounting error, CFO Dive previously reported.

Deep Dive

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

Before joining Hub Group in May, Heeter served as CFO of 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, chief accounting officer, and strategic consulting services to companies.

Under the consulting agreement, 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 provide services 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. In a press release announcing both departures on May 27, the company said Beth and Meents would 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.

The CFO appointment is one of several actions the company has taken to accurately restate its financial results for the past three years after first discovering the $77 million error. The error was initially identified in February.

Hub Group said in a Feb. 5 press release that while preparing its annual financial statements, it discovered that purchased transportation costs and accounts payable for the first nine months of 2025 were understated. The total reduction in accounts payable and purchased transportation costs related to the error was $77 million, and the company noted at the time that 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. After a review by the audit committee, the company determined that certain transactions in those two years "were recognized prematurely or incorrectly," the company said in a May 12 business update and delayed filing notice.