Con-Way to cut employees' base wages by 5%

Cybergal · Mar 9, 2009

Con-Way to cut employees' base wages by 5%
3/9/09

SAN FRANCISCO (MarketWatch) -- Con-way Inc.
said late Monday that it will cut base wages and salaries of executives and employees of Con-way Freight and Con-way Inc. by 5% and suspend certain 401(k) contributions in an effort to further reduce costs. The trucking company will also reduce the salaries of Chief Executive Douglas Stotlar and certain members of the senior leadership team by 10%. The measures, which are scheduled to be completed early in the second quarter, are expected to save the company between $100 million to $130 million in 2009. Con-Way had already cut 2,500 positions, suspended bonuses and reduced capital expenditure during the fourth quarter. http://www.marketwatch.com/news/sto...x?guid={468F7D50-8669-416C-8ED8-9A3F7626413D}
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Cybergal · Mar 9, 2009

Con-Way cuts executive, board pay, 401(k) match

3/9/09

Trucking company Con-Way Inc. said Monday it has cut salaries for its chief executive and other top management by 10 percent and reduced other expenses in an effort to save as much as $130 million this year.
Con-Way also suspended its 401(k) match and reduced pay for all other executives and employees by 5 percent at Con-way Freight and Con-way Inc.. The company also lowered the annual retainer paid to non-employee members of the board by 10 percent and made changes to its defined benefit pension plan and vacation policies.
http://www.forbes.com/feeds/ap/2009/03/09/ap6144663.html
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mustang970 · Mar 28, 2009

Please note, the pay cuts were for Con-way and Con-way Freight, NOT Con-way Truckload (CFI)

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