EXHIBIT 99.1

Cendant Confirms Report that Shelton, Lipton and Corigliano to Resign

PARSIPPANY,  N.J. and STAMFORD,  Conn.,  April 9 -- Cendant  Corporation  (NYSE:
CD- news) confirmed a Dow Jones report that Kirk Shelton,  one
of six vice chairmen of Cendant; Amy Lipton, executive vice president and deputy
general counsel;  and Cosmo  Corigliano,  executive vice president,  will resign
from the company to pursue other interests.

The company  further  announced  that John  Fullmer,  Cendant's  executive  vice
president and chief marketing officer, and Tony Menchaca, president of Cendant's
Comp-U-Card  Division,  have been named  co-chairman and co-chief  executives of
Cendant's newly named Alliance  Marketing Division and will succeed Mr. Shelton.
In addition,  John W. Chidsey,  currently  executive  vice president of business
development,  has been  named  president  and chief  operating  officer  of this
division.  These changes have been  initiated and jointly  endorsed by Walter A.
Forbes, Chairman and Henry R. Silverman,  President and CEO to ensure the stable
management base which is currently functioning well.

Mr.  Forbes and Mr.  Silverman  said:  "We thank  Kirk,  Cosmo and Amy for their
service.  These types of management  changes are  inevitable  when any two large
companies merge."

In response to market rumors, Mr. Forbes and Mr. Silverman stated that they will
remain with the company in their respective positions.

Cendant  expects to report first quarter 1998 earnings on May 5th and expects to
meet or exceed current Street estimates.

"Our  fundamentals  remain extremely strong. We continue to be excited about our
businesses," stated Mr. Forbes and Mr. Silverman.

Cendant is the world's premier provider of consumer and business services.  With
a market  capitalization  of approximately  $30 billion,  it ranks among the 100
largest  U.S.  corporations.  Cendant  operates  in  three  principal  segments:
Membership,  Travel and Real Estate Services.  In Membership  Services,  Cendant
provides access to travel,  shopping,  auto,  dining and other services  through
more than 66.5 million memberships worldwide. In Travel Services, Cendant is the
leading  franchisor  of hotels and rental car  agencies  worldwide,  the premier
provider of vacation  exchange  services and the second largest fleet management
company.  In Real Estate Services,  Cendant is the world's largest franchisor of
residential real estate brokerage offices, a major provider of mortgage services
to consumers and a global leader in corporate employee relocation. Headquartered
in Stamford,  CT and  Parsippany,  NJ,  Cendant has more than 34,000  employees,
operates in over 100  countries  and makes  approximately  100 million  customer
contacts annually.