Avis Group Chairman and CEO, A. Barry Rand Announces Plans to Leave His Position Following Cendant Acquisition; Will Consider Other CEO Opportunities and Become Special Advisor to Cendant
4 January 2001
Avis Group Chairman and CEO, A. Barry Rand Announces Plans to Leave His Position Following Cendant Acquisition; Will Consider Other CEO Opportunities and Become Special Advisor to Cendant
F. Robert Salerno to Continue as President of Avis Rent A Car
Avis Group's Kevin Sheehan and Mark Miller
Expected to Join Cendant's Senior Management Team
NEW YORK and GARDEN CITY, N.Y., Jan. 4 A. Barry Rand,
Chairman and Chief Executive Officer of Avis Group Holdings, Inc. ,
said today that he would leave his position to consider multiple opportunities
-- including resuming his role as the CEO of another independent company --
following the completion of Cendant Corporation's acquisition of
Avis Group, expected to close in the first quarter of 2001.
Following the acquisition, Mr. Rand will also become a special advisor to
Cendant Chairman, President and CEO Henry R. Silverman and to the Cendant
Board.
The two companies also announced today that F. Robert Salerno, currently
Avis Group President and Chief Operating Officer, Rental Car Group, will
continue with Cendant as President of Avis Rent A Car. Kevin M. Sheehan, Avis
Group President, Corporate and Business Affairs, and Chief Financial Officer;
and Mark E. Miller, currently Avis Group President and Chief Operating
Officer, Vehicle Management Services Group, are expected to be named to
Cendant senior management positions following the transaction.
"I joined Avis as CEO with the idea of transforming it into the world's
leading vehicle management services company. We have succeeded, and I am
pleased with the speed of the transformation and with the excellent value that
we've built for our shareholders," Mr. Rand said. "I believe that Cendant's
acquisition will provide additional opportunities for the Avis Group
companies, our employees and customers. As for my future, I intend to
consider multiple opportunities including the resumption of my CEO role at
another independent company. Additionally, I will share my expertise with
Cendant as a special advisor. I leave Avis Group in the very capable hands of
a strong management team and a dynamic, motivated work force."
"Barry Rand has done an excellent job of leading Avis Group, a company
that is very well positioned in each of its businesses, and which has both
strong fundamentals and a solid management team. Barry built the Avis Group
value and played an integral role in achieving a fair deal for the Avis
shareholders," Mr. Silverman said. "We are also very pleased that Barry has
agreed to maintain a relationship with Cendant. His strategic and
organizational expertise, coupled with his broad contacts across the travel
and other industries, will be helpful to us in the future."
Mr. Rand came to Avis after a successful 30-year career at Xerox
Corporation, where he helped orchestrate a tremendous period of strong
financial performance as Executive Vice President for Worldwide Operations.
Responsible for managing $18 billion in revenues and 70,000 employees, he led
Xerox's transformation into an aggressive and efficient marketing and sales
service organization garnering two Malcolm Baldrige Awards, and other honors
such as Best Sales Force in America and Best Training Organization in America.
Mr. Rand also built Xerox's service outsourcing business and established its
retail and lease financing operations.
About Avis Group
Avis Group Holdings, Inc. is one of the world's leading service and
information providers of comprehensive automotive transportation and vehicle
management solutions. It operates Avis Rent A Car, the second largest
general-use car rental business in the world, with locations in the United
States, Canada, Australia, New Zealand and the Latin American Caribbean
region; PHH Arval, one of the world's largest fleet management and leasing
companies; and Wright Express, the world's largest fleet card provider.
For additional information and news, please log onto the Avis Web Site
(http://www.avis.com) or contact Company News on Call (1-800-758-5804, access
code #078975).
About Cendant Corporation
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. 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. 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 28,000 employees
and operates in over 100 countries.
More information about Cendant, its companies, brands and current SEC
filings may be obtained by calling 877-4INFO-CD (877-446-3623) or by visiting
the Company's Web site at http://www.Cendant.com.