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XPO | Con-way Reports Fourth-Quarter Loss & pay freeze

Bankrupt said:
I wonder if Enron lied in their proxy statements???

That Kenneth Lay sure did seem like a good guy......
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And thus the introduction of "Sarbain/Oxley" (forgive my spelling)... Those were the two guys who were really pissed because that Kenneth Lay seemed like a decent guy..
 
BoxBoss said:
And thus the introduction of "Sarbain/Oxley" (forgive my spelling)... Those were the two guys who were really pissed because that Kenneth Lay seemed like a decent guy..
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Now to lie means greater risks but the rewards are astronomical.
 
The executive staff took a 0% pay increase for 2009 which everyone can see on Con-way's Fork 8-K filed with the SEC. This isn't just a Con-way thing.
 
inspectorgadget said:
The executive staff took a 0% pay increase for 2009 which everyone can see on Con-way's Fork 8-K filed with the SEC. This isn't just a Con-way thing.
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I believe their bonuses offset their 0% pay increase.
So local management was not affected by the freeze?
 
We still haven't heard anything official about a freeze, but we pretty much anticipated it well before the earnings announcement...just seemed the practical thing to do...I know you all may see it differently, but we see the revenue reports every day, we gauge every single customer...they are hurting, it is just simple deduction from there..
 
good news and bad news for the drivers. good news is that we will not freeze our pay. bad news is we wont see a raise.
 
doppler said:
good news and bad news for the drivers. good news is that we will not freeze our pay. bad news is we wont see a raise.
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Excellent example of corporate speak............er, I mean the comforting words we may hear.
 
nuckinfuts said:
Has the nascar truck season started already? Lets cut that BS out ASAP, that alone will save millions.
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Signed contracts being what they are, we're most likely stuck with "the kid" for another season. But you can make a sure bet if the economy, and results, don't turn aound before the second quarter - He'll be sporting someone else's banner on his chest come the 2010 season.

It will be interesting to see how big this gets played up this year. I wonder how many extra hundreds of thousands of dollars are going to be spent on the GO staff and friends and oh-yeah a couple of customers attending the races, not to mention the junk give-aways (match-box truck anyone?)
 
UneekOne said:
Signed contracts being what they are, we're most likely stuck with "the kid" for another season. But you can make a sure bet if the economy, and results, don't turn aound before the second quarter - He'll be sporting someone else's banner on his chest come the 2010 season.

It will be interesting to see how big this gets played up this year. I wonder how many extra hundreds of thousands of dollars are going to be spent on the GO staff and friends and oh-yeah a couple of customers attending the races, not to mention the junk give-aways (match-box truck anyone?)
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That we are stuck in a legal contract is the prevailing scuttlebutt for continuing this race truck thing. Are we trying to give our leaders the benefit of the doubt here? After all, they seem like good people.

My take is that we will never know the truth and that if Conway wanted out, they'd get out. How ever many "good faith" hand shakes they palmed over this deal is irrelevant as integrity is proved to not be a binding factor in any Conway dealings.

I'll presume,....er... I "know" that Conway wants to capitalize on this highly profitable race truck thing and ride the NASCAR wave they've built. There is a lot to be said for momentum and there is a lot here to be taken advantage of.

Locally, we have a hobby store in the mall that specializes in NASCAR stuff and things. You know, those sought after, high quality NASCAR blankets, T shirts, confederate flags, and die cast cars. This store is jammed with heirloom quality stuff that will be cherished for generations to come. I'll bet they've got 400 different scale cars and race teams and I gotta say that not one of them sports our trusted corporate name/logo.

Nope, not a single Con-way in the heard.
 
Bankrupt said:
That we are stuck in a legal contract is the prevailing scuttlebutt for continuing this race truck thing. Are we trying to give our leaders the benefit of the doubt here? After all, they seem like good people.

My take is that we will never know the truth and that if Conway wanted out, they'd get out. How ever many "good faith" hand shakes they palmed over this deal is irrelevant as integrity is proved to not be a binding factor in any Conway dealings.

I'll presume,....er... I "know" that Conway wants to capitalize on this highly profitable race truck thing and ride the NASCAR wave they've built. There is a lot to be said for momentum and there is a lot here to be taken advantage of.

Locally, we have a hobby store in the mall that specializes in NASCAR stuff and things. You know, those sought after, high quality NASCAR blankets, T shirts, confederate flags, and die cast cars. This store is jammed with heirloom quality stuff that will be cherished for generations to come. I'll bet they've got 400 different scale cars and race teams and I gotta say that not one of them sports our trusted corporate name/logo.

Nope, not a single Con-way in the heard.
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Very few Nascar related stores carry merchandise from the truck series, it's just a fact of life...I agree with you that they should, but as it stands right now, truck series merchandise is limited to the tracks when the circuit visits...I won't bother a debate about "a couple customers" at our events that people think are simply designed to feed corporate fatcats, because I know differently...In the west alone, I have attended truck races during the past 3 years with customers present that represented over 60 million dollars in revenue alone...just in the west...My service center alone has landed 2.3 million in annual revenue since the inception of the program, landed on the back of the racing program, but sustained by a great team that provides the best service they can day after day...We may have never had the opportunity to sit down in serious discussions with those customers if not for that "marketing" avenue...Now, it is great business for us because of what we do for the customer, and we took a "risk" by spending to get them to the track...that's what business is all about..And I have yet to see a corporate "fatcat" at any of the events I have attended..
 
bumperjack69 said:
They didn't go to AnnAbor !! They went to Las Vegas for the managers's meeting
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I am going to address this before it turns into an "AIG at the dayspa on taxpayer's money in SoCal" sort of story, because I can already see where it is going...So let's dispel the rumors right now and just lay out the facts:

The newly expanded western area now includes out to Mississippi to the south and to Minnesota to the north. This meeting was called to all class 1 and FAC managers in the western area.
Las Vegas was chosen for a few reasons: One, you can fly to and from there direct from anywhere in the western area of operations in roughly 2-2.5 hours and is a pretty central location with decent weather so you don't have to worry about being delayed at the airport... and those of you that are fond of research, simply look at the midweek rates for hotels in Las Vegas right now...Homeless people now have a place to stay there and can afford it just off the panhandling wages they make.
Attendees arrived between 3-5 pm on Wednesday for a 6pm dinner in a cafe at the hotel (sorry no 5 course bonanza with showgirls this time) to meet and greet their new compadres from the newly formed area. Dinner went until approximately 8pm during which time some introductory agenda was given and the purpose of our meeting was advised. The meeting broke up at about 8:15pm and alot of the managers congregated together in the fairly empty casino and spent the next 2 hours or so talking about their operations, what each was dealing with these days in terms of business, and what we were going to be discussing the following morning. I know a few 20s were thrown around during this time, mostly in slot machines and such that didn't pay anything (Hey, Las Vages has to make a living in these tough times, too!) and pretty much everyone retired by 10pm.
Up at 5am, breakfast at 6, more discussion amongst the managers before the meeting began at 7:30..Meeting went until 1230pm, In a regular old meeting room, and during that time, we splurged on two 5 minute breaks, mostly spent on getting updates from our service centers on the day's operations and business levels, as well as hitting the bathroom to get rid of the soda and water provided at the meeting..
Alot of things were discussed at the meeting, there were some some sobering moments and some encouraging moments. But mainly, we were introduced to our new EVP of OPS, Greg L., who proceeded to give us a refreshing look into his vision of how we will manage going forward, where our focus as managers will be, and I was encouraged by what I saw...You will all be included in that endeavor at your communications meetings in the coming weeks. The core of the discussion was not to talk about what has got us where we are right now, but to talk about what we are going to do to get us back to a position of strength. And we were all interested in that. There was a total of 32 people at the meeting.
At 1230, handshakes, cordial remarks and everybody off to the airport (free shuttle) where most had flights leaving between 2-4pm...
Sorry you are disappointed by the fact there was no scandal, strippers, alcohol binges, or even a couple SCMs getting arrested for lewd and indecent acts...Sorry there are no good pictures to share with you via cellphone or the internet...You must have us confused with AIG...
Some are going to rebut this with their own fantasies about what they think really happened...Live your fantasy...But mostly, I will advise you to "Get a Life"...
 
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