Exhibit 99.2

FOR IMMEDIATE RELEASE

                   CENDANT CORPORATION ANNOUNCES BOARD CHANGES

          Company Will Reduce Size of its Board from 17 to 14 Directors

 Robert P. Rittereiser, Craig R. Stapleton and E. John Rosenwald Resign
                                   From Board

                  New York, NY, June 30, 1999 -- Cendant  Corporation (NYSE: CD)
today  announced  that at its July  Board of  Directors'  meeting  it intends to
reduce  the size of the  Company's  Board from 17 to 14  members  following  the
resignations of three directors.  Robert P. Rittereiser,  Craig R. Stapleton and
E. John Rosenwald,  Jr., all of whom previously served on the Board's Litigation
Committee,  have resigned  following a vote by  shareholders  on May 27, 1999 to
eliminate that committee.

                  "On behalf of Cendant  shareholders,  I want to thank  Messrs.
Rosenwald,  Rittereiser  and  Stapleton for their service to our company and its
shareholders.  They have been part of an active  Board that has  helped  restore
value after the crisis last year when we discovered accounting irregularities at
the former CUC International.  They have assisted  management to restructure our
company and refocus our strategy," Mr. Silverman said.

                  The  Company  also  announced  that it has begun to  implement
recommendations  of the Blue Ribbon Committee on Improving the  Effectiveness of
Audit Committees.

                  "These changes are  consistent  with the commitment we made to
our shareholders to reduce the size of our Board and to optimize the performance
of Board committees," Mr. Silverman concluded.

         Cendant  Corporation  is a global  provider  of consumer  and  business
services.  The Company's core competencies  include building  franchise systems,
providing outsourcing solutions and direct marketing.  As a franchisor,  Cendant
is  the  world's  leading  franchisor  of  hotels,  rental  car  agencies,   tax
preparation  services and real estate brokerage offices. The real estate segment
also  includes  Welcome   Wagon/GETKO  and  the  Company's   soon-to-be  created
residential  real  estate  services  portal on the  Internet.  As a provider  of
outsourcing solutions, Cendant is the world's largest vacation exchange service;
a major  provider of mortgage  services to  consumers  and the global  leader in
employee relocation. In direct marketing,  Cendant provides access to insurance,
travel,  shopping,  auto,  and other  services,  primarily  to  customers of its
affinity  partners.  Other business units include NCP, the UK's largest  private
car park operator,  and Wizcom.  Headquartered  in New York, NY, the Company has
more than 30,000 employees and operates in over 100 countries.  More information
about Cendant, its companies and brands may be obtained by visiting our Web site
at www.cendant.com or by calling 877-4INFO-CD (877-446-3623).

Media Contact:                                                Investor Contacts:
Elliot Bloom                                                  Denise Gillen
212-413-1833                                                  212-413-1833

Sam Levenson
212-413-1834