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The Markets May 5, 2009
Cincinnati Bell Suspends Match
Cincinnati Bell, Inc., announced it will suspend company contributions to its 401(k) plan for salaried and non-represented employees for the remainder of the year.
Reported by Rebecca Moore
In announcing mixed first quarter financial results, Jack Cassidy, president and chief executive officer, said: “We will continue to create solutions that help our customers reduce costs and conserve capital and remain focused on expense controls as we manage through this challenging environment.”
The company will also reduce its headcount by approximately 7% and reduce other discretionary expenses as part of overall cost management efforts, according to Gary Wojtaszek, chief financial officer.
In February, the telecommunications company said it would freeze management salaries and pension benefits for some management employees, as well as phase out the retiree health-care plan for management employees and certain other employees over a 10-year period (see “Cincinnati Bell Will Freeze Pension, Phase Out Retiree Health’).