David Yeager, Hub Group’s CEO, will assume the duties of his brother until a replacement is found.
Hub Group said Monday that Mark A. Yeager resigned his position as president and chief operating officer.
He will will remain a member of Hub’s board of directors.
David P. Yeager, Hub’s chairman and chief executive officer, will assume his brother’s responsibilities on an interim basis, while the company searches for a replacement.
David and Mark, who are 62 and 50 respectively according to the company’s most recent proxy statement, are the sons of the late Phillip Yeager, who founded the now multi-billion-dollar company with his wife Joyce in 1971.
The proxy notes that Yeager family members own all 662,396 shares of the company’s Class B common stock, which represents 60 percent of the total votes allocable to the common stock. The family members, the proxy adds, are parties to a stockholders’ agreement pursuant to which they have agreed to vote all of their shares of Class B common stock in accordance with the vote of the holders of a majority of such shares.
Mark Yeager resigns as president of Hub Group
