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

SAN MATEO, Calif. (AP) — 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.

The changes are expected to be completed early in the second quarter. The measures are in addition to 2,500 layoffs, suspension of merit-based pay increases and other cuts implemented in the fourth quarter of 2008. ...