CFI Unveils Improved, Employee-Inspired Driver Compensation Package
Includes Pay Raise, More Frequent Paychecks
JOPLIN , Mo. - Nov. 15, 2007 - Contract Freighters, Inc. (CFI), a Con-way (NYSE: CNW) company and international truckload carrier based in Joplin, Mo., today unveiled a new driver pay package that increases pay by $.01 per mile across the board and offers numerous other driver-requested enhancements. Company representatives solicited driver opinions while drafting the unified compensation plan aimed at maintaining the best elements of existing CFI and Con-way Truckload offerings after Con-way's July 2007 acquisition of CFI. The new pay package will go into effect Jan. 1, 2008.
"Our new, combined compensation package was designed from behind the wheel - not from behind the desk - to be one of the best and most competitive in the industry," said Herb Schmidt, president of CFI, a Con-way company. "We're proud to be able to offer our drivers an improved compensation package and several other amenities despite the challenging economic conditions facing our industry."
The blended pay package includes many driver favorites, including:
· Pay raise : pay for all drivers will increase by $.01 per mile across the board - when combined with CFI's long length of hauls and Con-way's predictable miles, this creates one of the most comprehensive and attractive pay packages in the industry.
· Enhanced military pay : CFI drivers called to military service in the National Guard and reserves will receive differential compensation (the difference between military pay and previous earnings) and continued full health benefits to the employee's family throughout the deployment. A longtime element of Con-way's benefits package, this program was a key factor in the company's 2007 Secretary of Defense Freedom Award from the U.S. Department of Defense.
· Weekly pay schedule : the driver pay schedule will switch from every two weeks to every week.
· Raise in student pay : less experienced and student drivers will have the ability to earn the compensation of experienced drivers more quickly.
· Health savings accounts : drivers can choose to contribute to these tax-advantaged medical savings accounts designed to cover the costs of approved medical expenses.
· Roomier, more comfortable trucks : the company is transitioning to the Freightliner Cascadia and Kenworth T660 truck models featuring a combination of expanded and studio sleeper accommodations designed expressly for more room and improved driver comfort.
· Increased Hazardous Materials Endorsement : drivers certified to carry hazardous materials will be reimbursed up to 100 percent for certification costs and will receive an additional $.03 per mile when hauling placarded hazardous materials.
· Increased stop pay : drivers will be paid $35.00 per stop, eliminating the previous graduated system in which average per-stop pay totaled $29.00.
· Detention pay : after three hours, drivers will receive $12.00 per hour to help alleviate the frustration of extended delays. Detention pay will be automatic and will no longer depend on customer payments received.
· Canada routes optional : while travel into Canada was previously mandatory for some drivers, those routes will now be voluntary and drivers who choose to go to Canada will be paid $25.00 additional pay for each loaded dispatch that crosses the U.S./Canada border (both north- and south-bound). This additional pay will be expanded to include all U.S./Canadian border crossing locations.
· Ability to bank days : drivers will have the opportunity to accumulate days off during extended periods on the road for later use, and those days will carry over year to year.
"I'm grateful to the 750 drivers who helped us craft this package. Our goal was to offer a package that was superior to the compensation package our professional drivers enjoy today and we clearly met that goal," said Schmidt.
CFI officials plan to hold meetings to explain the new offerings to company drivers. Any driver interested in joining the CFI team or learning more about the enhanced compensation package should visit www.cfidrive.com or call 800-CFI-DRIVE (800-234-3748).
About Contract Freighters, Inc.
Joplin, Mo.-based Contract Freighters, Inc. (CFI) is an operating company of Con-way Inc. (NYSE: CNW) and a leading provider of expedited, time-definite full-truckload transportation services across North America. Acquired by Con-way in 2007, CFI was combined with Con-way Truckload to create an organization that employs over 3,000 drivers with a fleet of more than 2,700 tractors and 8,600 trailers operating throughout the United States, Mexico and Canada. The company provides full-truckload transportation serving the transcontinental shipping needs of commercial and industrial businesses as well as sister company Con-way Freight.
CFI/Con-way Truckload is a subsidiary of Con-way Inc. (NYSE: CNW), a $4.7 billion freight transportation and logistics company and FORTUNE magazine's "Most Admired Company" in transportation and logistics for 2007. For more information, visit www.con-way.com/truckload.
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