They say that breaking up is hard to do, though Cendant Corp. is taking steps toward splitting into four different business segments.
Cendant officials announced Monday that Realogy Corp., a Cendant subsidiary, has filed a registration statement with the U.S. Securities and Exchange Commission related to the subsidiary’s planned separation from Cendant. Realogy is slated to become the future home of Cendant’s Real Estate Services Division.
Cendant officials say the Realogy spinoff is on track for June 2006. Realogy will apply to have its common stock listed on the New York Stock Exchange under the symbol “H,” Cendant also announced Monday.
Wyndham Worldwide, which is slated to be the future parent company of Cendant’s Hospitality Services and Timeshare Resorts business segments, will soon file a registration form with the SEC, according to the announcement.
Richard A. Smith, chairman and CEO of the Cendant Real Estate Services Division, will serve as vice chairman and president of Realogy Corp. Cendant officials in February announced the planned name change to Realogy. Cendant Mobility, a relocation services company, will be re-branded as Cartus, and the Cendant Settlement Services Group will be known as Title Resource Group.
Realogy represents the largest real estate franchise company in the country, with such brands as Century 21, Coldwell Banker, ERA and Sotheby’s International Realty. Cendant subsidiary NRT Inc., which operates company-owned real estate offices, will keep its name.