Con-Way, the San Mateo shipping company, announced taking several actions to “reduce expenses and maintain a strong cash position in response to the declining economy.”
The company is suspending its contributions to employees’ Read the rest of this entry »
Con-way, the freight transportation company based in San Mateo, lowered its operating profit guidance for full-year earnings in 2008 to between $2.60 and $2.80 per diluted share, 16 percent lower than its previous forecast of between $3 and $3.40.
“The economy has been battered by an unprecedented confluence of macroeconomic crises, curtailing demand for freight transportation services,” said Chief Executive Douglas Stotlar in a statement. “Over the past several weeks we have seen Read the rest of this entry »
Con-Way, the San Mateo-based trucking firm, settled a dispute with the SEC Wednesday regarding alleged violations of the Foreign Corrupt Practices Act, according to a regulatory filing. The dispute arose from the conduct of Emery Transnational, a Philippines-based joint venture that Con-Way later sold to UPS. In 2003, Con-way became aware that the division may have made certain payments in violation of the act and promptly notified the SEC.
Con-way says that the SEC recognized its co-operation in the investigation in its order resolving the matter, and that it “acknowledged that Con-Way has taken remedial actions and enhanced its compliance program.
As readers of Docu-Drama already know, executive relocations don’t come cheap. Read the rest of this entry »
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