Swift Transportation Clarifies Driver Quarterly Performance Pay Incentive
PHOENIX--(BUSINESS WIRE)-- Swift Transportation Company (SWFT) (NYSE:SWFT), recently announced their next step to becoming Best in Class by awarding its ranked company drivers with a new Quarterly Performance Pay bonus. This exciting new incentive program is designed to retain and reward drivers on their level of excellence. Swift company drivers are currently ranked based on their safety, service and productivity level. This new program begins on July 1, 2012 and bonuses will be paid at the end of each fiscal quarter to ranked drivers who are employed the entire quarter.
The new Quarterly Performance Pay is in addition to the current pay and motivates drivers to improve their ranking through focused attention to safety, on-time service and miles driven. The higher the drivers rank, the higher the Quarterly Performance Pay will be. Based on the drivers performance, they can earn up to six bonus cents per mile - if they have achieved superior performance for an extended period of time. The program is designed to reward driver performance that enables the Company to achieve its goals. The cost of the quarterly bonus is expected to be approximately one cent per company mile - without taking into consideration the positive impact from further improvement in productivity, customer service and safety.
As you can see from this new plan, we are serious about retaining and rewarding the best drivers in America. Richard Stocking, President & COO
For more information about driver career opportunities at Swift, visit www.joinswift.com.
Swift is based in Phoenix, Arizona. As of March 31, 2012, Swift operated a tractor fleet of approximately 15,600 units comprised of 11,600 tractors driven by company drivers and 4,000 owner-operator tractors, a fleet of 51,000 trailers, and 6,400 intermodal containers from 34 major terminals positioned near major freight centers and traffic lanes in the United States and Mexico. Swift offers customers the opportunity for one-stop shopping for their truckload transportation needs through a broad spectrum of services and equipment. Swifts extensive suite of services includes general, dedicated and cross-border U.S./Mexico/Canada service, temperature-controlled, flatbed and specialized trailers, in addition to rail intermodal and non-asset based freight brokerage and logistics management services, making it an attractive choice for a broad array of customers.
Forward Looking Statement Disclosure
This press release contains statements that may constitute forward-looking statements, which are based on information currently available, usually identified by words such as "anticipates," "believes," "estimates", "plans, "projects," "expects," hopes, intends, will, could, may, or similar expressions which speak only as of the date the statement was made. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are inherently uncertain, are based upon the current beliefs, assumptions and expectations of Company management and current market conditions, which are subject to significant risks and uncertainties as set forth in the Risk Factor Section of our annual report on Form 10K. You should understand that many important factors, in addition to those listed above and in our filings with the SEC, could impact us financially. As a result of these and other factors, actual results may differ from those set forth in the forward-looking statements and the prices of the Company's securities may fluctuate dramatically. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events, new information or changes in these expectations.
Swift Transportation Company
Trent Broberg, 602-477-7146
Source: Swift Transportation CompanyCopyright Business Wire 2012