CENDANT ANNOUNCES CHANGE IN BOARD MEMBERSHIP

                     Dr. John Malone Resigns; Replaced By
                New Independent Director, Ms. Pauline Richards


New York, N.Y., March 13, 2003--Cendant Corporation (NYSE: CD) today announced
that Pauline Richards, 54, has joined its Board of Directors replacing John
Malone, Chairman, Liberty Media Group who has resigned from the Board. Ms.
Richards will be an independent director, continuing Cendant's commitment to
maintain the independence of two-thirds of the Board. Ms. Richards will also
serve on the Audit Committee of the Board of Directors, replacing The Right
Honourable Brian Mulroney who will remain on the Board as a member of the
Corporate Governance Committee.

"In this new environment of enhanced corporate governance, the time and
involvement of Directors are required more than ever before", stated Cendant
Chairman, President and CEO, Henry R. Silverman. "Liberty Media has a full
agenda and Dr. Malone's schedule is demanding enough that it precludes him from
devoting additional time to Cendant. Liberty and Dr. Malone have informed us
that they have no present intention of selling any of their Cendant stock. I am
pleased that they will remain investors in the Company."

"We are delighted to welcome Ms. Richards to Cendant's Board of Directors",
added Mr. Silverman. "Her independence as well as her outstanding background
and financial expertise combine to make her a valuable addition to the
Company's Board and its Audit Committee."

Ms. Richards is currently Chief Financial Officer of Lombard Odier Darier
Hentsch (Bermuda) Limited, a trust company business and served in various
senior financial positions at Aon Group of Companies, Bermuda from 1988 until
1998 culminating in her appointment as Chief Financial Officer in 1996.

About Cendant Corporation
Cendant Corporation is primarily a provider of travel and residential real
estate services. With approximately 90,000 employees, New York City-based
Cendant provides these services to businesses and consumers 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
http://www.cendant.com or by calling 877-4-INFOCD (877-446-3623).

Media contact:                              Investor contacts:
Elliot Bloom                                Sam Levenson
212-413-1832                                212-413-1834

                                            Henry A. Diamond
                                            212-413-1920