ANN ARBOR, Mich., Sept. 30, 2014 /PRNewswire/ -- Con-way Inc.
(NYSE:CNW) announced today enhancements to its compensation package
for drivers at its less-than-truckload (LTL) carrier, Con-way
Freight. These changes provide for increases in current pay
rates while reducing the time it takes for drivers to reach top pay
scale.
The enhancements, which will take effect on January 4, 2015, increase pay for Con-way Freight
drivers system-wide while aligning all locations across the network
to pay rates competitive for their geographic market. With
respect to the change in progression to top scale, all locations
will be aligned to a common schedule in which drivers will reach
top scale at three years from date of hire. On January 4, all eligible drivers will be adjusted
to the applicable new pay rate commensurate with their service
time.
Over the past several years, the company has been evaluating and
implementing phased changes to its compensation program to reflect
evolving market conditions and ensure competitive pay structures
for drivers. With a final step in this multi-year realignment
process completed, the company strengthens its ongoing efforts to
attract and retain quality drivers, noted Douglas W. Stotlar, president and CEO of parent
company Con-way Inc. This announcement follows the
announcement last month of an enhanced driver pay package at sister
company Con-way Truckload, which provides nationwide dry-van
full-truckload services.
"Our LTL company, along with Con-way Truckload, is facing the
most pronounced driver shortage we've ever seen," Stotlar noted.
"Con-way Freight provides premium service, and the skill and
professionalism of our drivers enables us to keep the promises we
make to our customers. This action benefits our people, our
customers and our shareholders, and is supported by the improved
profitability and efficiencies being delivered by Con-way Freight's
21,000 employees."
Greg Lehmkuhl, president of
Con-way Freight, noted that today's actions complete an extensive
effort to transition the company from multiple complex legacy pay
structures to a streamlined, market-competitive compensation
program. "We are committed to being the employer of choice for
professional drivers. Our simplified pay structure enables us to
more effectively align driver pay with the market-based cost of
labor, and provides increased flexibility to react to market
conditions over time so we can ensure our drivers' compensation
remains competitive," said Lehmkuhl.
About Con-way Inc. -- Con-way Inc. (NYSE:CNW) is a
$5.5 billion freight transportation
and logistics services company headquartered in Ann Arbor, Mich. Con-way delivers
industry-leading services through its primary operating companies
of Con-way Freight, Con-way Truckload and Menlo Logistics. These
operating units provide high-performance, day-definite
less-than-truckload (LTL), full truckload and multimodal freight
transportation, as well as logistics, warehousing and supply chain
management services. Con-way also operates a trailer refurbishing
and manufacturing company which supplies trailing equipment to the
company's trucking fleets. Con-way Inc. and its subsidiaries
operate from more than 500 locations across North America and in 20 countries. For more
information about Con-way, visit www.con-way.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute
"forward-looking statements" and are subject to a number of risks
and uncertainties and should not be relied upon as predictions of
future events. All statements other than statements of historical
fact are forward-looking statements, including: any projections of
earnings, revenues, weight, yield, volumes, income or other
financial or operating items, all statements of the plans,
strategies, expectations or objectives of Con-way's management for
future operations or other future items, any statements concerning
proposed new products or services, any statements regarding
Con-way's estimated future contributions to pension plans, any
statements regarding the payment of future dividends, any
statements as to the adequacy of reserves, any statements regarding
the outcome of any legal and other claims and proceedings that may
be brought by or against Con-way, any statements regarding future
economic conditions or performance, any statements regarding
strategic acquisitions, any statements of estimates or belief, and
any statements or assumptions underlying the foregoing. Specific
factors that could cause actual results and other matters to differ
materially from those discussed in such forward-looking
statements include: changes in general business and economic
conditions, increasing competition and pricing pressure, the
creditworthiness of Con-way's customers and their ability to pay
for services rendered, changes in fuel prices or fuel surcharges,
the possibility that Con-way may, from time to time, be required to
record impairment charges for goodwill, intangible assets and other
long-lived assets, the possibility of defaults under Con-way's
revolving credit agreement and other debt instruments (including
without limitation defaults resulting from unusual charges),
uncertainty in the credit markets, including the effect on
Con-way's ability to refinance indebtedness as and when it becomes
due, labor matters, enforcement of and changes in governmental
regulations or legislation which potentially could result in an
adverse impact on the company, environmental and tax matters, and
matters relating to Con-way's defined benefit pension plans,
including the effect on the plans of changes in discount rates and
in the value of plan assets. The factors included herein and in
Item 1A of Con-way's 2013 Annual Report on Form 10-K as well as
other filings with the Securities and Exchange Commission could
cause actual results and other matters to differ materially from
those in such forward-looking statements. As a result, no assurance
can be given as to future financial condition, cash flows, or
results of operations. Any forward-looking statements speak as of
September 30, 2014 and are subject to
change. Con-way does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as otherwise
required by law.
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SOURCE Con-way Inc.