Saia Sets New Pay Cuts
Saia Inc. said Thursday it will take new cost-cutting measures to cope with the slow economy and reduced tonnage, including trimming its executives’ pay by 10% and its hourly, linehaul and salaried employees’ pay by 5%.
The parent company of less-than-truckload carrier Saia Motor Freight Line said its LTL tonnage is down more than 7% in the first quarter.
Saia, which also suspended its 401(k) matches for employees Feb. 1, said the cost-cutting measures would save it about $18 million annually.
The company made its announcement in an 8-k regulatory filing with the Securities and Exchange Commission.
Saia is ranked No. 25 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
