Exhibit 99


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CNF                                                  NEWS RELEASE
3240 HILLVIEW AVENUE
PALO ALTO, CA 94304-1297
650) 494-2900

                                                        Contacts:
                                    Investors - Patrick Fossenier
                                                   (650) 813-5353

                                      News Media -- Nancy Colvert
                                                   (650) 813-5336


        CNF INC. ELECTS DR. KEITH KENNEDY AS NEW CHAIRMAN
             Donald E. Moffitt Announces Retirement;
                Board Declares Quarterly Dividend

PALO ALTO, Calif. - January 26, 2004 -- CNF Inc. (NYSE: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 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
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.

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     "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 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, ocean freight, customs brokerage, global
logistics management and trailer manufacturing.

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