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TRUCKING INDUSTRY NEWS * USA
* FedEx in Good Shape Despite Cost-Cutting
Memphis,TEN,USA -The Memphis Daily News, by ERIC SMITH -Dec 2008: -- The economy dealt a devastating blow to Memphis’ largest employer Thursday as FedEx announced $1 billion in cost reductions – including pay cuts for its top executives – during this fiscal year to cope with plummeting global freight volumes... FedEx, the world’s second-largest shipper, is making these moves to brace for what company officials say they believe is an economic crisis with no end in sight... “It’s the worst FedEx has seen since our company began more than 35 years ago,” FedEx CEO Fred Smith said... Smith , on Jan. 1 will absorb a 20 percent pay cut, while other executives will see cuts between 7.5 percent and 10 percent. But the cuts go beyond the top brass. FedEx is implementing a 5 percent pay cut for all U.S. employees who are “salaried and exempt,” the company said... FedEx also has enacted job cuts at its FedEx Freight and FedEx Office divisions. Hatfield said deeper job cuts are possible but not probable... FedEx last week slashed 540 jobs at its trucking businesses, with cuts occurring at locations throughout the U. S., said Maury Lane, a FedEx spokesman...
* Putnam Trucking forced into layoffs
Zanesville,Muskingum County,OH,USA -The Zanesville Times Recorder, by KATHY THOMPSON -December 19, 2008: -- With thousands of jobs being lost across the country this year, Muskingum County has seen it's share... Putnam Trucking is one of the latest and had to lay off 12 employees in the past few weeks... According to Ralph Hennessey, the economy is causing havoc on trucking companies across the nation... "We're not the only ones to see this," Hennessey said. "There have been huge layoffs at bigger companies across the U.S., so I guess we're lucky we've only had to lay off the small number we did"... Hennessey said his company now has 40 employees, down from the 52 it had earlier in the year...Labels: trucking industry news USA
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