Investors smile on Cendant's reshuffling

Article Abstract:

Cendant Chairman Walter Forbes' resignation raised the company's share price to $18 3/8 on July 29, 1998, after falling almost 60% from its April 1998 high following reports of accounting regularities in the company. The US Attorney in Newark, NJ, and the Securities and Exchange Commission are investigating Cendant, formerly CUC International, which managed discount travel, dining and shopping clubs before merging with franchiser HFS in Dec. 1997. Forbes, owner of Century 21, Avis and Ramada brands, denied any knowledge of the fraud. He will receive a severance package of $47.5 million in cash and stock options that was incorporated in a contract involving the CUC and HFS merger.

Comment:

Chairman Forbes' resignation hiked company's share price to $18 3/8 on 7/29/98 after falling almost 60% from an April '98 high

Strategy & planning, Domestic Travel by Citizens, Tourism, Travelers

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Cendant reviews ex-chairman's travel expenses

Article Abstract:

Cendant Corp., a franchising and marketing company, is investigating possible overcharges on travel and expense reports filed by former chairman, Walter Forbes, who left his position in the midst of an accounting expose. Questions regarding Forbes' expense report arose in an 8K filing that Cendant made with the Securities and Exchange Commission on Jul. 29, 1998. Attached to the filing was a note from Forbes that declared that he is ready remit to Cendant any overcharge the audit committee finds.

Comment:

Is investigating possible overcharges on travel and expense reports filed by former chairman, Walter Forbes

Process, Physical Distribution, and Logistics Consulting Services, Management development, Marketing Consulting Services

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