Hub Group
Public | |
Traded as | NASDAQ: HUBG |
Industry | Transportation |
Founded | Hinsdale, Illinois (1971) |
Founder | Phillip Yeager |
Headquarters | Oak Brook, Illinois |
Number of locations | 36 |
Area served | North America |
Key people |
David P. Yeager, Chairman and CEO Donald G. Maltby, President and COO Terri A. Pizzuto, Executive Vice President and CFO |
Services |
Intermodal freight transportation Logistics Truck brokerage |
Revenue | $3.6 billion (2014) [1] |
$83.9 million (2014)[2] | |
$51.56 million (2014)[1] | |
Total assets | $1.21 billion (2014)[2] |
Total equity | $600.78 million (2014)[2] |
Number of employees | 1,505 (2014)[3] |
Divisions | Unyson Logistics |
Subsidiaries |
Mode Transportation Hub Group Trucking |
Website |
hubgroup |
Hub Group (NASDAQ: HUBG) is one of the United States' largest freight transportation management companies.[4][5] The company offers intermodal freight transportation, truck brokerage and logistics services.[6] The company owns two subsidiaries: Mode Transportation (formerly Exel Transportation Services), a third party logistics company (Unyson Logistics); and Hub Group Trucking, which provides intermodal freight transport and drayage services.[6][7]
Hub Group was founded in 1971 by Phillip Yeager.[8] The company went public in 1996 and is traded on the NASDAQ exchange.[9] David Yeager, son of Phillip Yeager, serves as Hub Group chairman and chief executive officer.
The company is headquartered in Oak Brook, Illinois.[6]
History
In 1971, Phillip and Joyce founded Hub Group (then known as Hub City Terminals) in Hinsdale, Illinois.[9] The company was started with $10,000 and was located in a windowless, one-room office above a flower shop.[9][10] The 43-year-old Phillip Yeager quit his job at the Pennsylvania Railroad, where he had worked for 19 years, to create Hub Group.[8][9] At the time of its formation, Hub City Terminals worked as a shipper's agent, which was an intermediary that booked intermodal transportation with railroads.[8]
In 1975, Yeager and his wife set up a series of S corporations to expand their business.[8] Each office operated separately and had its own profit and loss center.[11]
Hub City Terminals was renamed Hub Group in 1985.[8]
In 1995, David Yeager became chief executive officer of Hub Group.[6] He had been with the company since 1975, when he opened the company's Pittsburgh, Pennsylvania regional office.[6] David Yeager had become co-chairman of the company in 1992.[12]
In 1996, Hub Group held an initial public offering.[9] A year later, in 1997, the company became the first intermodal marketing company to top $1 billion in yearly revenue.[13] Hub Group had 34 regional offices by 1998, when the company borrowed $100 million to begin purchasing all outstanding minority interests in the company's regional offices.[11][13]
The company moved from a geography-based operation with multiple regional offices to a centralized operation with a single profit and loss center headquartered in Lombard, Illinois in 2004.[11][14] The reorganization effort allowed Hub Group to compete as a single network.[14]
Mark Yeager was appointed president and chief operating officer in April 2005.[15] Yeager had joined Hub Group in 1992 and served as president of the company's field operations immediately prior to his appointment.[15] Yeager succeeded Thomas Hardin, who had served as Hub Group president since 1985.[15]
Hub Group acquired Memphis, Tennessee-based drayage company Comtrak Logistics for $48 million in 2006.[16] The two companies had worked together for over 20 years by the time of the acquisition.[16] The deal included Comtrak's client lists and proprietary transportation tracking software.[16] Comtrak founder and Chief Executive Officer Mike Bruns was retained as head of Hub Group's Comtrak Logistics subsidiary, now named Hub Group Trucking.[16]
Hub Group founder and Chairman Phillip Yeager died in October 2008 from complications following a heart attack.[8][9] Yeager was 80 years old.[8][9] Company CEO David Yeager became chairman of Hub Group in November 2008.[6]
In 2011, the company acquired Exel Transportation Services, a third-party logistics provider, for $83 million.[17] Hub Group renamed the subsidiary Mode Transportation.[17] Exel Transportation President James Damman was retained by Hub Group to lead Mode Transportation and the subsidiary remained located in Dallas, Texas.[17]
Hub Group moved its headquarters from Downers Grove to Oak Brook in January 2013. At that time, the four-story, 140,000 square-foot building was the first new office building built in Oak Brook in over a decade.[18] The new corporate headquarters is LEED Gold certified.[19]
On August 8, 2015, Mark Yeager resigned as President and Chief Operating Officer.[20] In September 2015, Hub Group appointed Donald Maltby as Yeager's successor. Maltby previously served as Chief Supply Chain Officer from January 2011 until May 2014.[21]
Operations
Hub Group is organized into two segments: Mode Transportation and Hub.[6] Both segments offer intermodal, logistics and truck brokerage services.[6] The company's logistics business operates under the Unyson Logistics name.[6][22]
As of December 2014, Hub Group Trucking performed services for 70 percent of Hub Group's drayage needs.[3]
References
- 1 2 "10-K Hub Group Inc.". MarketWatch. 27 February 2015. Retrieved 13 April 2015.
- 1 2 3 "US SEC 10-K Hub Group, LLC" (PDF). U.S. Securities and Exchange Commission. March 2015. Retrieved 13 April 2015.
- 1 2 "Hub Group's (HUBG) CEO on Q1 2015 Results". Seeking Alpha. April 24, 2015. Retrieved May 21, 2015.
- β Chris Dupin (20 November 2013). "At intermodalβs hub". American Shipper.
- β "Hub to buy Exel". Chicago Daily Herald. 5 April 2011.
- 1 2 3 4 5 6 7 8 9 "Form 10-K Hub Group, Inc.". Securities and Exchange Commission. Retrieved 8 June 2014.
- β Jeff Berman (4 April 2011). "Hub Group acquires Exel Transportation Services". Logistics Management. Retrieved 8 June 2014.
- 1 2 3 4 5 6 7 Joseph Bonney (20 October 2008). "Hub Group founder Phillip C. Yeager dies". Gulf Shipper.
- 1 2 3 4 5 6 7 Mark Zaloudek (8 October 2008). "Fortune 1,000 firm grew from a 'leap of faith'". Sarasota Herald-Tribune.
- β "Hub Group, Inc.". The Wall Street Transcript. Retrieved 8 June 2014.
- 1 2 3 John Gallagher (15 December 2003). "Realigning Intermodal.". Traffic World.
- β John D. Boyd (6 October 2008). "Hub's Yeager Dies". Traffic World.
- 1 2 Jack Burke (23 March 1998). "Hub Consolidates, Buys". Traffic World.
- 1 2 "Hub Reorganization Pays Off". Traffic World. 17 May 2004.
- 1 2 3 "Hub Group Promotes Yeager". Pacific Shipper. 1 April 2005.
- 1 2 3 4 Jane Roberts (22 February 2006). "CEO, founder sells trucking firm Comtrak Logistics for $48 million". The Commercial Appeal, Memphis, Tenn.
- 1 2 3 "Hub Group Acquires Exel Transportation Services". Penton Insight. 6 April 2011.
- β http://articles.chicagotribune.com/2013-01-31/news/ct-tl-oakbrook-hubgroup-20130131_1_hub-group-oak-brook-new-headquarters
- β http://www.hubgroup.com/sustainability/
- β http://www.ttnews.com/articles/basetemplate.aspx?storyid=39129
- β http://www.hubgroup.com/profiles/donald-maltby/
- β "Hub Logistics is now Unyson Logistics". Logisticstoday. 1 May 2005.