Industry News

Cendant CEO increases stock ownership

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Real estate franchise giant Cendant Corp. on Tuesday said its chairman and CEO Henry R. Silverman increased his stock ownership in the company by exercising about 5 million stock options that were set to expire on Jan. 22, 2006. The transaction brings Silverman's overall direct share ownership in Cendant to 9.24 million shares, up from 8 million shares previously, and his option holding to 25 million options, which expire between 2007 and 2011, down from 30 million options. The move came one day after the company announced plans to split into four independent publicly traded companies in 2006. The new companies will consist of one each for Cendant's real estate, travel distribution, hospitality and vehicle rental businesses. Following the breakup, Silverman will continue to lead the travel distribution company and serve as non-executive chairman of the newly formed real estate services division, which will be headed by Richard A. Smith. In real estate, Cendant owns the Century ...