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CF SHAREHOLDERS VOTE DOWN BOARD ELECTION PROPOSAL SPONSORED BY TEAMSTERS UNION

 PALO ALTO, Calif., May 13 /PRNewswire/ -- Consolidated Freightways Inc. (NYSE: CNF) reported today that a shareholder proposal sponsored by the International Brotherhood of Teamsters to declassify the company's board of directors was soundly defeated by shareholders.
 The proposal to declassify the board received a total of 11.5 million votes out of 30 million votes cast.
 10.5 million, or 91 percent of the votes cast for the proposal, came from institutional shareholders that have policies requiring support of declassification proposals no matter who the proponent is.
 The Teamsters' proxy solicitation effort garnered only 220,000 votes on their gold proxy cards, or one-half of one percent of the 40 million eligible votes.
 James R. Allen, vice president of CF, said, "Shareholders recognized this proposal for what it was -- an effort to disguise a labor pressure tactic as corporate governance."
 Consolidated Freightways Inc. is a $4.1-billion diversified transportation company with businesses in long-haul and regional trucking, domestic and international air freight, intermodal shipping, customs brokerage and logistics management services.
 -0- 5/13/93
 /CONTACT: J.R. Allen of Consolidated Freightways, 415-494-2900/
 (CNF)


CO: Consolidated Freightways Inc.; International Brotherhood of
 Teamsters ST: California IN: TRN SU:


GT-TM -- SJ004 -- 8198 05/13/93 14:37 EDT
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Publication:PR Newswire
Date:May 13, 1993
Words:205
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