Error: 'The package path referenced an object that cannot be found' (4286647)

When new LiteSpeed maintenance plan is created, it fails to run with the following error message appearing in the Job History:
Executed as user:user_name. Microsoft (R) SQL Server Execute Package Utility Version 9.00.3042.00 for 32-bit Copyright (C) Microsoft Corp 1984-2005. All rights reserved. Started: 2:34:32 PM Warning: 2008-10-15 14:34:34.21 Code: 0x80012017 Source:plan_nameDescription: The package path referenced an object that cannot be found: \Package\Subplan 1.Disable. This occurs when an attempt is made to resolve a package path to an object that cannot be found. End Warning DTExec: Could not set \Package\Subplan 1.Disable value to false. Started: 2:34:32 PM Finished: 2:34:34 PM Elapsed: 1.234 seconds. The package execution failed. The step failed.