Industry News

Henry Silverman to lead Cendant’s real estate spin-off

New Real Estate Services Company expected to complete break off next spring

Real estate franchise giant Cendant said today that it's plan to separate into four independent companies is on track, with the spin-off of the new Real Estate Services company expected in the spring of 2006. Cendant's Chairman and CEO Henry Silverman will become chairman and CEO of the new Real Estate Services company when the spin-off is complete, and Richard Smith, who initially was to be the CEO of the new real estate company, will serve as vice chairman and president of that company, according to a company statement this morning. "The Board, my colleagues, our advisors and our lenders felt it was important for me to remain involved as CEO of one of the new companies, and Richard Smith and I agreed that I could provide the greatest benefit at the Real Estate Services company," Silverman said in a statement today. Silverman will remain chairman and CEO of Cendant until the corporation has separated into four public companies. The company also noted that Silverman would not receive...