Con-way Inc. (CNW) Chief Executive Doug Stotlar said Wednesday that his company has cut a total of about 2,500 jobs - or nearly 14% of its workforce - as part of large-scale reductions it unveiled in early December.

The figure is more than the 1,450 job cuts that the trucking and logistics company announced late last year, but Stotlar said industry conditions have continued to deteriorate early in 2009.

Still, he held out some hope that the major cuts may be behind the company.

"We have a certain geographic footprint we have to cover on a daily basis" and are near the minimum number of employees needed to do so, Stotlar said, speaking at a BB&T transportation conference in Coral Gables, Fla. His comments were broadcast over the Web.

Freight haulers have been struggling for some time as volumes sag amid the weak economy.

From May through November, the American Trucking Association's less-than-truckload tonnage index dropped 12.9%. Less-than-truckload freight haulers consolidate cargo from more than one customer on a single truck.

On Monday, FedEx Corp. (FDX) announced that it has cut about 900 jobs at its FedEx Freight unit, or about 2.5% of the unit's employees.

Stotlar said pricing in the less-than-truckload freight sector continues to be under pressure, noting that Con-way has had to lower some rates merely to retain existing customers.

"It continues to be an aggressive environment," he said.

Still, he stressed that Con-way is well-positioned to weather the ongoing downturn, citing among other things $248 million in cash on the company's books.

-By Bob Sechler; Dow Jones Newswires; 512-394-0285; bob.sechler@dowjones.com