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artmorris
Administrator
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Posted: Thu Oct 16th, 2008 03:30 am |
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On Wednesday (Oct. 15), as the stock market made an ominous 733-point drop, Entercom took some steps to try to shore up its own bottom line, starting with cuts: R&R has heard that a significant number of people are on the downsizing list nationwide, with around 15 in Kansas City, including market legend VP/co-market manager Herndon Hasty.
Meanwhile, R&R has learned that CEO David Field blasted out a companywide two-page letter that didn't do much to soothe people's nerves -- as part of the company belt-tightening to make sure the company "makes some necessary changes" to ride out things out, Field announced that Entercom is suspending its matching contributions to 401(k) plans "indefinitely with a plan to reinstate it at some point in the future, after the economy recovers."
Additionally, Field and company brass are "actively considering a wage freeze in 2009. No decision has been made, but you should be aware that this is a likely possibility."
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wsterrett
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| Joined: | Wed Mar 5th, 2008 |
| Location: | Houston, Texas USA |
| Posts: | 29 |
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Posted: Sun Oct 19th, 2008 08:19 pm |
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Entercom's cuts covered a lot of markets. Portland, Boston, New Orleans, etc. Hate to say it but I doubt Entercom will be the only company to do this sort of thing.
Grab whatever you can and hang on. And save every dime you can, since that 'rainy day' could be coming any second.
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Turner the burner
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| Joined: | Sat May 26th, 2007 |
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| Posts: | 332 |
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Posted: Sun Oct 19th, 2008 09:22 pm |
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| Hated to see longtime KC newscaster Bob Meade get booted...he was the best they had on the air in the KMBZ news department.
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TheColonel
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| Joined: | Fri Jul 4th, 2008 |
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| Posts: | 145 |
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Posted: Mon Oct 20th, 2008 01:22 am |
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| Bob was a good journalist. How long was he at BZ? Have you heard of anyone else getting the boot in KC?
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Current time is 05:44 pm | |
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