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SEARCHTULSA, Okla. -- In an effort to cut costs, Dollar Thrifty Automotive Group Inc. announced it is suspending all merit pay increases for 2002 and suspending the company match for employee 401(k) p...
TULSA, Okla. -- In an effort to cut costs, Dollar Thrifty Automotive Group Inc. announced it is suspending all merit pay increases for 2002 and suspending the company match for employee 401(k) plans.
Moreover, Dollar Thrifty said it is cutting compensation for its top 40 executives by 17% to 22%.
The cost-saving measures are in response to the travel slowdown arising from the Sept. 11 attacks.
"This has been the most troubling year our industry has ever experienced," said Joseph E. Cappy, chairman, CEO and president of Dollar Thrifty Automotive Group.
The new cost-cutting steps are "part of our proactive plan to ensure the profitability and long-term success of our companies," Cappy said.
Back in October, Dollar Thrifty announced a reduction in headquarters staffing levels of approximately 20%. Staffing levels were also reduced in the company's reservation centers and field locations.
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