Business Services Industry
Cendant spinoff paves way for smoother ride; Slimmed-down car rental operation promises payoff.
Crain's New York Business, August, 2006 by Elstein, Aaron
Byline: Aaron Elstein Investors in Cendant Corp. are a long-suffering lot, but at last their payday may be near. The company, an unwieldy agglomeration put together by former private equity executive Henry Silverman, never clicked. Earnings stagnated at the travel agent/hotelier/real estate broker/car renter and Cendant's stock price went nowhere for years.
Through it all, Mr. Silverman always made sure to pay himself well. Even though operating income slipped by a third last year, the chief executive pocketed $15.6 million in salary and bonus, plus another $118 million from exercising stock options. At long last, the nightmare is over. On Monday, the company completed a long-anticipated spinoff under which investors got shares in Cendant's hotel...
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