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Ron Nelson to Continue Serving as Interim CEO and President of TDS
Press Release: Cendant Corporation
March 21, 2006
NEW YORK, NY -- Cendant Corporation (NYSE: CD) yesterday announced that leading travel industry executive and former
CEO and Chairman of Continental Airlines, Gordon Bethune, has been named Chairman of the Company's Travel Distribution
Services (TDS) division, effective immediately. Mr. Bethune will continue as non-executive chairman at TDS when
the Company completes the spin-off of its travel distribution business to Cendant shareholders early in the fourth
quarter of this year.
"Gordon Bethune has led a remarkable career in the travel industry and I am very pleased that he has elected
to bring his wealth of talent and experience to Cendant's Travel Distribution businesses," Cendant's Chairman
and CEO, Henry R. Silverman said. "He is a strong, engaging leader whose turnaround of Continental was marked
by his strategic mindset, sharp intellect and exceptional ability to attract and develop a world-class management
team. Hence, it should come as no surprise that his first critical task near-term will be to help me identify and
recruit a chief executive for TDS from the list of outstanding finalists that we have assembled."
Cendant's President and Chief Financial Officer, Ronald L. Nelson, will continue serving as CEO and president of
TDS on an interim basis.
"Cendant has assembled a unique and enviable portfolio of travel distribution businesses that are well-positioned
for considerable growth in domestic and especially international markets," Mr. Bethune said. "I am encouraged
that in the months and years ahead, the further vertical integration of these businesses will continue to prove
the viability of the investment thesis. I am honored and privileged to serve as chairman and to help the management
team and their 8,000 associates around the world shape the future of this very promising enterprise."
Mr. Bethune's career in the travel industry spans nearly three decades. He is credited with transforming Continental
Airlines from a $600 million annual loss in 1994 to one of the best performing major airlines. During his tenure
at Continental, he was a strong proponent of driving profitability while safeguarding brand equity by responding
to consumer needs and effectively building customer loyalty. Between 1979 and 1988, Mr. Bethune held executive
positions at several other major airlines including Braniff, Western and Piedmont and also served as a vice president
and general manager at Boeing Corporation. Most recently, Mr. Bethune founded GB1 Partners, a privately held consulting
firm to the travel industry.
During his illustrious career, Mr. Bethune has been recognized for his out-of-the-box thinking and numerous achievements
in the areas of strategic insight, operational excellence, customer service, and management leadership. He has
appeared on BusinessWeek's list of the top 25 global managers and was heralded by Business Travel News as being
among the 25 most influential executives in the travel industry. In 1999, he authored a book with Scott Hurler
entitled, From Worst to First: Behind the Scenes of Continental's Remarkable Comeback.
Mr. Bethune received a Bachelor of Science degree from Abilene Christian University. He served for 20 years as
an officer in the United States Navy. Mr. Bethune is currently a director on the boards of Sprint Nextel Corporation,
Prudential Financial Inc., Honeywell International Inc., and Willis Group Holdings.
About Cendant Corporation
Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately
85,000 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 www.cendant.com.
Forward Looking Statements
Certain statements in this report constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or implied by such forward- looking statements.
Statements preceded by, followed by or that otherwise include the words "believes," "expects,"
"anticipates," "intends," "projects," "estimates," "plans," "may
increase," "may fluctuate" and similar expressions or future or conditional verbs such as "will,"
"should," "would," "may" and "could" are generally forward-looking in nature
and not historical facts. Any statements that refer to expectations or other characterizations of future events,
circumstances or results are forward-looking statements. The Company cannot provide any assurances that the separation
or any of the proposed transactions related thereto will be completed, nor can it give assurances as to the terms
on which such transactions will be consummated. The separation transactions are subject to certain conditions precedent,
including final approval by the Board of Directors of Cendant.
Various risks that could cause future results to differ from those expressed by the forward-looking statements
included in this report include, but are not limited to: risks inherent in the contemplated separation and related
transactions, including risks related to borrowings and costs related to the proposed transactions; increased demands
on Cendant's management teams as a result of the proposed transactions; changes in business, political and economic
conditions in the U.S. and in other countries in which Cendant and its companies currently do business; changes
in governmental regulations and policies and actions of regulatory bodies; changes in operating performance; and
access to capital markets and changes in credit ratings, including those that may result from the proposed transactions.
Other unknown or unpredictable factors also could have material adverse effects on Cendant's and its companies'
performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking
events discussed in this report may not occur. You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date stated, or if no date is stated, as of the date of this report. Important
assumptions and other important factors that could cause actual results to differ materially from those in the
forward looking statements are specified in Cendant's 10-K for the year ended December 31, 2005, including under
headings such as "Forward-Looking Statements," "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations." Except for the Company's ongoing obligations
to disclose material information under the federal securities laws, the Company undertakes no obligation to release
any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated
events unless required by law.
Source: Cendant Corporation