UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 9, 2009
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Date of Report (Date of earliest event reported)
Con-way Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-5046 94-1444798
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
2855 Campus Drive, Suite 300, San Mateo, California 94403
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(Address of principal executive offices)
(zip code)
Registrant's telephone number, including area code:
(650) 378-5200
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant
under any of the following provisions (see General Instruction A.2
below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On March 9, 2009, Con-way Inc. issued a press release release announcing
actions the company is taking to reduce expenses and maintain a strong cash
position in response to the declining economy, which is being furnished
to the U.S. Securities and Exchange Commission. A copy of the
press release is attached hereto as Exhibit 99 and is incorporated herein
by reference. The cost reduction actions, which are projected to save
between $100 million to $130 million in 2009, include:
* Suspension of certain 401(k) contributions including the company match.
* Reductions of 10 percent in the salaries of Con-way Inc. President and
CEO Douglas W. Stotlar, Con-way Inc. Senior Vice President and CFO
Stephen L. Bruffett, and Con-way Freight President John G. Labrie.
* Base wage and salary reductions of 5 percent for all other executives
and employees at Con-way Freight and Con-way Inc., including
administrative services and trailer-manufacturing entities.
* A change in vacation/paid time off policies (PTO) at Con-way Freight and
Menlo Worldwide with respect to when PTO hours are earned and recorded
as expense.
* A change in Con-way's primary defined-benefit pension plan, which
eliminates a provision for retirement benefit increases based on future
increases in employee compensation rates.
* A reduction of 10 percent in the annual retainer paid to non-employee
members of Con-way's Board of Directors.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit No. Description
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99 Press Release dated March 9, 2009
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Con-way Inc.
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(Registrant)
March 9, 2009 /s/ Jennifer W. Pileggi
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Jennifer W. Pileggi
Senior Vice President,
General Counsel and Secretary