Posted by madcityradio.com on October 15, 2008 at 19:12:55:
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."
(Keith Berman, Radio & Records)
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