More money, less work!

March 26, 2004

When CNF (CNF) President and CEO Gregory Quesnel steps down in July, he’ll be paid $1 million for a year-long consulting contract that requires him to work 150 hours a quarter. That’s about 1/3 more than the $748,176 he made last year in his full-time job. Granted, the consulting contract only lasts a year, unlike other sweetheart consulting contracts for top officers that sometimes stretch on for several years or even indefinitely. But CNF shareholders — the Palo Alto-based shipping company, whose brands include Con-Way and Emery Express — haven’t made out as well. Over the past five years, the stock has dramatically underperformed its peers in the Dow Jones Trucking index.

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