LoJack Follows 401(k) Match Suspension Trend

The Westwood, Massachusetts-based LoJack best known for its vehicle tracking devices has suspended its 401(k) match for all employees.

A Boston Business Journal report said the match suspension is part of a broad cost-cutting effort by the LoJack Corp. that also included a compensation cutback for its senior executives.

The news report said the LoJack board opted to cut Chairman Richard Riley’s pay by $25,000 and CEO Ronald Waters’ compensation by $14,000. It also froze annual pay increases to executive officers and changed the company’s executive bonus plan to be more closely pegged to specific performance benchmarks.

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According to the report, LoJack swung to a 2008 $32.5 million loss on revenue of $198.7 million, compared to a $21.4 million profit on $222.7 million in revenue in 2007.

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