The Hub Group announced Thursday that CEO Dave Yeager is retiring after 26 years at the helm. Phil Yeager, current President and Chief Operating Officer, will assume the role of CEO effective January 1st.
Dave Yeager will continue in his role as Executive Chairman and will work closely with the company during the transition process.
Dave Yeager started at Hub Group (NASDAQ: HUBG), based in Oak Brook, Illinois, in 1975 and grew it from an intermodal marketing company to a full-service transportation and logistics provider.
“My parents started our company in a one-room office in Hinsdale, Illinois over 50 years ago,” Dave Yeager said in a press release. “Through the success of a great team, we have grown into a diversified supply chain solutions provider with nearly 6,000 dedicated, hard-working employees and over $5 billion in revenue.”
In addition to beginning his new role, Phil Yeager will join the company’s board of directors earlier this year. Since joining the Hub Group in 2011, he has held various management positions, including his current role since 2019. Prior to Hub Group, he held finance positions at BMO Harris Bank and Lazard Freres.
“Over the past 10 years, Phil has been responsible for developing and executing our strategy to deliver a superior customer experience, enhance our technology and diversify our service offering while improving our operational excellence, cost discipline and revenue processes,” said Dave Said Yeager.
The announcement also included further details on the company’s succession plan.
Brian Alexander, currently Executive Vice President of Logistics, will become COO. Brian Meents is promoted to Chief Marketing Officer having most recently held roles in account management, sales and marketing. Chris Hoffmeister takes over the position of Chief Commercial Officer after a senior role in account management.
“I’m honored to be named the third CEO in our 51-year history,” said Phil Yeager. “I believe we are exceptionally well positioned to serve our customers, employees and shareholders as we continue to grow our business to drive long-term success.”
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