New CEO, Moniker for USFreightways

Skinner to retire as chief; company seeks name change to "USF Corporation"

Chicago — April 3, 2003 — USFreightways this week announced the retirement of its CEO and a proposed name change.

Sam Skinner is set to retire as chairman, president and CEO after three years at the helm of the $2.5 billion trucking group. Skinner, a former U.S. secretary of transportation, turns 65 in June. He said the company would conduct a national search to find the best available candidate to replace him.

Looking back over his tenure, Skinner said: "We recruited a new generation of company leadership, exited unprofitable businesses and introduced many new products. We also consolidated our logistics business, initiated a program to bring our information technology services up to 21st century standards, and stabilized our labor situation by negotiating a new five-year agreement with the International Brotherhood of Teamsters."

He continued: "With these accomplishments, and looking to the next level of growth, it is only fair to the company that we seek out a chief executive who can make the long-term commitment that will be necessary to ensure USFreightways' continued progress."

Before joining USFreightways, Skinner was president of the Commonwealth Edison Co. and its holding company, Unicom Corp., one of the nation's largest electric utilities. Prior to that he served as chief of staff to President George H.W. Bush after working three year's in the president's cabinet as secretary of transportation.

In addition, USFreightways said today that it would seek approval from its shareholders to change its name to USF Corp.

Under the proposal, USF Corp.'s operating subsidiaries would retain their current names and the familiar orange, white and blue livery. Shareholders will be asked to approve the name change at the company's annual meeting scheduled for May 2.

Commenting on the proposed change, Skinner said: "Since we became USFreightways in 1996, the transportation industry has been transformed into much more than moving freight from one location to another. Tracking, tracing, online services and other advances in technology have enabled our company to work closer with our customers than ever before to provide total solutions to their supply chain management requirements. By removing the 'freightways' from our name, we are acknowledging that we have evolved into a company that is moving forward into the future."