Cannon Express, Springdale, Ark., has cut about 50 non-driver jobs - about a quarter of its non-driving workforce.
The cost cutting measures were made based upon the advice of consultants and management with the objective of improving the short and long term financial position of the company.
As a part of the expense reduction, President Dean Cannon and Secretary Treasurer Rose Marie Cannon have decided to forego their salaries and allow the current corporate office facilities owned by the Cannon family to be used by Cannon Express for no charge. While the company announcement says this is for "an indefinite period," published reports indicate that it will be at least three months.
According to published reports, Dean Cannon made $455,077 in fiscal 2001, while the company lost $7.3 million that year.
The cost cutting measures were made based upon the advice of consultants and management with the objective of improving the short and long term financial position of the company.
As a part of the expense reduction, President Dean Cannon and Secretary Treasurer Rose Marie Cannon have decided to forego their salaries and allow the current corporate office facilities owned by the Cannon family to be used by Cannon Express for no charge. While the company announcement says this is for "an indefinite period," published reports indicate that it will be at least three months.
According to published reports, Dean Cannon made $455,077 in fiscal 2001, while the company lost $7.3 million that year.
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