EXHIBIT 99.2
Cendant Announces Changes in Board Composition
Company Will Reduce Board to 13 Directors;
Employee Directors To Be Lowered to Three
Board Composition Provisions of Class Action Settlement
To Be Completed Two Years Ahead of Specified Time Frame
NEW YORK, N.Y., APRIL 5, 2000--Cendant Corporation (NYSE: CD) today announced
that it has changed the composition of its board of directors. Messrs. Robert D.
Kunisch and John D. Snodgrass, both former employee directors, have resigned
effective March 31, 2000. Ms. Myra J. Biblowit, Vice Dean for External Affairs,
New York University School of Medicine and Senior Vice President of Mount
Sinai--NYU Health System and Ms. Sheli Z. Rosenberg, Vice Chairman, Equity Group
Investments, Inc. have been elected to fill these board vacancies effective
April 3, 2000. Additionally, Michael P. Monaco, also a former employee director,
and Dr. Carole G. Hankin, the last remaining director nominated by the former
CUC International as part of the December 1997 merger between CUC and HFS
Incorporated to form Cendant, have resigned effective at the Company's annual
meeting of shareholders on May 25, 2000.
The Company stated that upon completion of the restructuring following its
annual meeting of shareholders in May, it will have reduced the size of its
board to 13 directors and lowered the number of employee directors to three.
Cendant Chairman, President and CEO, Henry R. Silverman stated: "On behalf of
Cendant, its employees and shareholders, we are grateful to have had John
Snodgrass, Bob Kunisch, Mike Monaco and Carole Hankin serve on our board. Their
dedication, talent and contributions helped steer Cendant through one of the
most challenging crises in the history of American business. We are very pleased
to welcome Myra Biblowit and Sheli Rosenberg as directors. Their impressive
backgrounds, skills and experiences are certain to bring tremendous value and
insight to the Cendant board. Upon completion of this restructuring following
our annual meeting of shareholders in May, the Company will be in full
compliance with the board composition provisions of our class action settlement;
and we will have accomplished this more than two years ahead of the specified
time frame."
Ms. Biblowit, 51, previously served as senior vice president and executive
director of the American Museum of Natural History and prior to that served as
executive vice president of the Central Park Conservancy from 1986 to 1991. She
is currently a member of the board of directors of the Women's Executive Circle,
UJA Federation, a trustee of the Historic House Trust of New York City and a
trustee of the Columbia Land Conservancy. Ms. Biblowit is a former director of
Art Spaces and founding director of the City Parks Foundation. Ms. Biblowit is
also a member of the Women's Forum.
Ms. Rosenberg, 58, has been vice chairman of Equity Group Investments, Inc., a
privately held investment company which controls over 500 properties throughout
the U.S., since January 1, 2000. Prior to that she was president and CEO. Ms.
Rosenberg serves as a director of the following companies: Anixter International
Inc., CVS Corporation, Capital Trust, Dynergy Inc., Manufactured Home
Communities, Inc., Equity Residential Properties Trust and Equity Office
Properties Trust. Ms. Rosenberg also currently sits on the boards of Illinois
Institute of Technology, The Chicago Network, National Partnership of Women and
Families, Women's Issue Network Foundation and Rush-Presbyterian-St. Luke's
Medical Center.
Cendant Corporation is a global provider of real estate, travel and direct
marketing related consumer and business services. The Company's core
competencies include building franchise systems, providing outsourcing solutions
and direct marketing. As a franchiser, Cendant is among the world's leading
franchisers of real estate brokerage offices, hotels, rental car agencies, and
tax preparation services. The Company's real estate-related operations also
include Move.com Group, Cendant's relocation, real estate and home-related
services portal on the Internet. As a provider of outsourcing solutions, Cendant
is a major provider of mortgage services to consumers, the global leader in
employee relocation, and the world's largest vacation exchange service. In
direct marketing, Cendant provides access to insurance, travel, shopping, auto,
and other services primarily to customers of its affinity partners. In addition,
Cendant Internet Group is aggressively pursuing a convergence strategy for the
Company's off-line and online businesses. Other business units include NCP, the
UK's largest private car park operator, and WizCom, an information technology
services provider. Headquartered in New York, NY, the Company has approximately
30,000 employees and operates in over 100 countries.
More information about Cendant, its companies, brands and current SEC filings
may be obtained by visiting the Company's Web site at www.Cendant.com or by
calling 877-4INFO-CD (877-446-3623).
Statements about future results made in this release may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on current
expectations and the current economic environment. The Company cautions that
these statements are not guarantees of future performance. They involve a number
of risks and uncertainties that are difficult to predict including the outcome
of litigation. Actual results could differ materially from those expressed or
implied in the forward-looking statements. Important assumptions and other
important factors that could cause actual results to differ materially from
those in the forward-looking statements are specified in the Company's Form 10-K
for the year ended December 31, 1999, including completion of the settlement of
the class action litigation.
CENDANT MEDIA CONTACT: CENDANT INVESTOR CONTACTS:
Elliot Bloom Denise L. Gillen
212-413-1832 212-413-1833
Samuel J. Levenson
212-413-1834