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XPO | 5% give back, lose 401K match....

Man you are dumber than done to think this is not bad!!!!!!! Did the upper escalon take a pay hike or are they just lining thier pocket!!!!!!
It is bad enough that seven years ago they helped put corn flake out of bussiness now they are doing this!!!!!!!!

Wake up america!!!!!!!!!!!!!!!!!!!!!!!!!
 
The best ltl performance was not a strategy or mission years ago. Ya'll didnt listen to the drivers.................did what you wanted to mold this new and improved Con-way.
 
Douglas W. Stotlar
CEO/President/Director
Con-way, Incorporated
San Mateo , CA
Sector: SERVICES / Trucking
Officer since January 1996

Director , URS Corporation
San Francisco , CA
Sector: SERVICES / Technical Services

48 Years Old
Douglas W. Stotlar, 48, president and chief executive officer of Con-way. Mr. Stotlar was named to his current position in April 2005. He previously served as president and chief executive officer of Con-way Freight and senior vice president of Con-way, a position he held since December 2004. Prior to this, he served as executive vice president and chief operating officer of Con-way Freight, a position he held since June 2002. From 1999 to 2002, he was executive vice president of operations for Con-way Freight. Prior to joining Con-way Freight's corporate office, Mr. Stotlar served as vice president and general manager of Con-way's expediting business. Mr. Stotlar joined Con-way Freight in 1985 as a freight operations supervisor. He subsequently advanced to management posts in Columbus, Ohio, and Fort Wayne, Indiana, where he was named regional manager. Mr. Stotlar earned his bachelor's degree in transportation and logistics from The Ohio State University.
Forbes Rankings
URS Forbes 400 Best Big Companies in 2008
URS - 1,990th on the Forbes Global 2000 in 2008
Con-way - 1,904th on the Forbes Global 2000 in 2007
URS Forbes 400 Best Big Companies in 2007
Con-way - 1,823rd on the Forbes Global 2000 in 2006
See All Rankings >

Compensation for 2007
Salary $695,780.00
Bonus $0.00
Other Annual Compensation $0.00
Long term incentive plan payouts $0.00
Restricted stock awards $920,878.00
Security underlying options $0.00
All other compensation $235,618.00
Option awards $ $1,552,424.00
Non-equity incentive plan compensation $553,034.00
Change in pension value and nonqualified deferred compensation earnings $258,322.00
Total Compensation $4,216,056.00

Options Granted
 
John G. Labrie
Senior VP/President, Subsidiary
Con-way, Incorporated
San Mateo , CA
Sector: SERVICES / Trucking
Officer since May 1998

42 Years Old
John G. Labrie, 42, president of Con-way Freight and senior vice president of Con-way. Prior to being named president of Con-way Freight in July 2007, Mr. Labrie was senior vice president of strategy and enterprise operations for Con-way. He previously served as executive vice president of operations for Con-way Freight, a position he held since January 2005. Prior to this, he served as president and chief executive officer for Con-way Freight-Western, a position he held since June 2002. From May 1998 to June 2002, he was vice president of operations for Con-way Freight-Western. He joined Con-way Freight in 1990 as a sales account manager. Mr. Labrie earned his bachelor's degree in finance from Central Michigan University. He holds a master's degree in business administration from Indiana Wesleyan University.
Forbes Rankings
Con-way - 1,904th on the Forbes Global 2000 in 2007
Con-way - 1,823rd on the Forbes Global 2000 in 2006
Con-way - 1,803rd on the Forbes Global 2000 in 2004
Con-way - 1,681st on the Forbes Global 2000 in 2003
Con-way - 332nd on the Forbes 500s (Sales) in 2003
See All Rankings >

Compensation for 2007
Salary $371,773.00
Bonus $5,000.00
Other Annual Compensation $0.00
Long term incentive plan payouts $0.00
Restricted stock awards $241,041.00
Security underlying options $0.00
All other compensation $36,956.00
Option awards $ $296,198.00
Non-equity incentive plan compensation $225,288.00
Change in pension value and nonqualified deferred compensation earnings $149.00
Total Compensation $1,176,405.00

Options Granted
 
aggressor said:
What a crock of BS.
The only way the economy is going to get better is if people spend money. If no one has money to spend the economy will not recover.
Corperate idiots keep sending jobs overseas to make more profit, however eventually no one here can afford their product since no one will have a job.
I'm not a friggin rocket scientist , however it only takes common sense to figure these things out.
Now Conway wants to give us less money so that we can not buy things & help the economy, how is this suppose to help?
All they did was add themselves to the problem.
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This looks exactly like what I have said in the YRC threads when they proposed the same concept of concessions to us last year. If jobs have been outsourced overseas, and Americans are out of work, how can we spend any money to prop up the economy? Then they want to pay less to those of us fortunate enough to still be working. For them, it is nothing more than the results of their greed coming back to bite them in the butt. For us unfortunately, we are asked...or forced.... to fuel more of their greed. I was fortunate only in the fact that I was able to vote whether YRC would be able to place our concessions whereas, your company, and I believe Fedex as well, have simply forced this issue upon it's workforce. One saving grace that we at YRC have, is that we have this concession in writing with a firm ending date of our concessions. Unfortunately, ConWay and Fedex do not, and can continue this policy or change it any way they see fit, at any time they choose.

I wish you guys luck. Like it or not, we are all in the same boat. Also just heard on the news this morning that Ford and the UAW, have also come to terms in regards to wage, pension, and health benefits. It seems like concession packages will be spreading to other industries as well.
 
beingpissed on said:
do not forget up to 11% that the older guys are giving up from their pension (basic, and transition) from the penions, figure with the 5% wage reduction that comes to 13% cut for us older guys, so the way I look at it , you guys with the 5% cut should be happy
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companyclown said:
I would reply to this, but it would only be blocked by wondering........the truth hurts, The dream is dead. Now it is just plain survival. Cant wait for that gold plated diecast truck to come out. The silver one is beautiful.
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go ahead and answer it.
 
:smilie_132:Now I get it. Con-way is actively recruiting new drivers. Perhaps they expect some folks to revolt? These damn trucking companies' executives don't get it. Without the hard work of trucking professionals, they don't have a company.:Flame-On:
 
Pigman 440 said:
Sad,a few years ago most Con-Way employees were doing hand stands when parent shut down C-F after it bled it dry to build Con-Way and now things come full circle. Maybe they will keep a few P & D people and have truckload pull the trailers between terminals. Others have done it ??Good luck !!
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your wrong for saying that. i know you said most but everyone i know weren't happy when they closed. it's never funny to see anyone lose their job. i have good freinds who worked there i didn't like seeing them lose there jobs and they didn't and still don't hold anything against me for working for con-way all the ltl companies will take a pay cut of some kind watch and see. yrc's management started this with **** poor buisness ethics, policy and other stupid decisions. so blame them and the economy. i pray we all keep our jobs and we all survive this depression (recession) no matter who you work for.
 
Remenber,associated transport,preston,and every outfit that gave a kick back, the drivers wound up with the dirty end of the stick,never herd of management giving back anything back on the contrary they got their salaries and bonuses as usual. And the trucking outfits were sold or merged and the drivers still got the shaft.
 
Black Jack said:
Remenber,associated transport,preston,and every outfit that gave a kick back, the drivers wound up with the dirty end of the stick,never herd of management giving back anything back on the contrary they got their salaries and bonuses as usual. And the trucking outfits were sold or merged and the drivers still got the shaft.
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the execs gave back 10%
 
Is it possible they are forming another new company and separating from the current Con-way freight? Hire in with brand new trucks and trailers.........have a dummy ride around town with his windows rolled up in the middle of summer so others think you have air conditioning............I still have the vcr tape.
 
You basically lose the accrual of vacation days from april 2009 till end of year. You don't see the loss untill you leave the company. When you leave you only get the vacation time you accrued for that year. Also they havent decided yet if you'll get paid 8 hrs or 9 hrs for PTO days. The 401k suspension really screws the older employees, cause the transition contributions were supposed to make up for the pension money we lost when they closed the pension. So now we get nothing to make up for the pension we lost.
And this something you can't make up. And yes, you will only be able to vacation days as they accrue, so everyone is going to wait till oct thru dec before you can take a vacation. So, in summary, we lose 5% pay, we lose all contributions to 401k, (including what we were making up for losing pension), we lose May to Dec 2009 vacation, and possibly get vacation pay cut back to 8 hrs.
 
Optimus Prime said:
You basically lose the accrual of vacation days from april 2009 till end of year. You don't see the loss untill you leave the company. When you leave you only get the vacation time you accrued for that year. Also they havent decided yet if you'll get paid 8 hrs or 9 hrs for PTO days. The 401k suspension really screws the older employees, cause the transition contributions were supposed to make up for the pension money we lost when they closed the pension. So now we get nothing to make up for the pension we lost.
And this something you can't make up. And yes, you will only be able to vacation days as they accrue, so everyone is going to wait till oct thru dec before you can take a vacation. So, in summary, we lose 5% pay, we lose all contributions to 401k, (including what we were making up for losing pension), we lose May to Dec 2009 vacation, and possibly get vacation pay cut back to 8 hrs.
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I forgot about them giving us the 401k to make up for the pension. That does **** me off too. I am trying to stay possitive but that pisses me off!
 
I'm more upset with the pension/ retirement cut than the pay cut. I can live with the paycut, but cutting into the pension that supposedly worked 19 years for is another matter.
 
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