CNF Inc. Elects Dr. Keith Kennedy as New Chairman; Donald E. Moffitt Announces Retirement; Board Declares Quarterly Dividend.Business Editors PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--Jan. 26, 2004 CNF CNF Configuration (File Name Extension) CNF Conference CNF Conjunctive Normal Form CNF Could Not Find CNF Chin National Front (Burma) CNF Canadian Nature Federation CNF Cornell NanoScale Facility Inc. (NYSE NYSE See: New York Stock Exchange :CNF) today announced that its board of directors has elected Dr. W. Keith Kennedy, Jr. as its new chairman. Current Chairman Donald E. Moffitt, 71, has decided to retire effective the end of January 2004. Dr. Kennedy, 60, has served as vice chairman of CNF since April of 2002 and as a member of CNF's board since 1996. He retired as president and chief executive officer of Watkins-Johnson Company in January 2000, a position he had held since January 1988. Dr. Kennedy joined Watkins-Johnson in 1968 and served as a division manager, group vice president and vice president of planning coordination and shareowner relations prior to becoming its president. Dr. Kennedy is a graduate of Cornell University Cornell University, mainly at Ithaca, N.Y.; with land-grant, state, and private support; coeducational; chartered 1865, opened 1868. It was named for Ezra Cornell, who donated $500,000 and a tract of land. With the help of state senator Andrew D. from which he holds B.S.E.E., M.S., and Ph.D. degrees. Gregory L. Quesnel, 55, CNF's president and chief executive officer, said, "Dr. Kennedy has been actively engaged on CNF's board as chairman of the compensation committee and most recently as vice chairman. He has already made valuable contributions to the company and we look forward to his increased involvement and leadership in this new role." Moffitt has served as chairman of CNF since 1995 after serving as president and chief executive officer of the company from 1991 to 1995. He completes a distinguished career that began in 1955 when he joined Consolidated Freightways Consolidated Freight was the 3rd biggest trucking company in the US. In the 1930s they started their own truck manufacturing operation, Freightliner, now part of DaimlerChrysler. Corporation, a former subsidiary of CNF, as an accountant. After serving in many management roles in the finance and treasury departments, he was elected vice chairman of CNF's board in 1986. He retired as an employee and as vice chairman in 1988, returning to the company in 1990 as executive vice president -- finance and chief financial officer at a time of fiscal crisis for the company. "No one has served CNF longer or with more dedication than Don Moffitt and his decades-long record of leadership is unlikely ever to be equaled," said Quesnel. "It is hard to imagine this company without him." The CNF board today also declared a cash dividend of 10 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on the company's common stock. The dividend is payable on March 15, 2004 to shareholders of record as of Feb. 13, 2004. CNF (NYSE:CNF) is a $5.1 billion management company of global supply chain services with businesses in regional trucking, airfreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air , ocean freight, customs brokerage, global logistics management Logistics Management is that part of Supply Chain Management that plans, implements, and controls the efficient, effective, forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet and trailer manufacturing. |
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