<PAGE>
EXHIBIT 99.1
KEVIN M. SHEEHAN TO BE APPOINTED CENDANT CHIEF FINANCIAL OFFICER
UPON COMPLETION OF THE AVIS TRANSACTION
DAVID M. JOHNSON TO PURSUE OPPORTUNITIES OUTSIDE OF CENDANT
CENDANT'S TREASURER, DUNCAN H. COCROFT, NAMED ACTING CFO
NEW YORK, NY, JANUARY 5, 2001--Cendant Corporation (NYSE: CD) today announced
that Kevin M. Sheehan, currently president, corporate and business affairs at
Avis Group Holdings, Inc. (NYSE: AVI), will be appointed as Cendant's chief
financial officer subject to completion of the Company's acquisition of Avis.
Effective immediately, Cendant's Executive Vice President, Finance and
Treasurer, Duncan H. Cocroft, will serve as CFO on an interim basis. Mr. Cocroft
also serves as CFO of PHH Corporation, Cendant's wholly owned finance
subsidiary.
David M. Johnson, Cendant's current CFO, has decided to pursue opportunities
outside of the Company.
Mr. Sheehan, 47, is currently responsible for directing the corporate and
administrative functions as well as overseeing financial reporting and investor
relations at Avis. His key accomplishments at Avis include taking the company
public in 1997, spearheading the acquisition of Vehicle Management Services and
managing the sale of PHH Europe to BNP Paribas.
Prior to joining Avis, Mr. Sheehan was a senior vice president at the former
HFS, Incorporated, a predecessor company to Cendant. He has more than 20 years
of financial experience at such widely recognized companies as Time Warner, TCI,
Sega of America and HBO. Mr. Sheehan, a Certified Public Accountant, also held
positions at Reliance Group Holdings, Telemundo Group, Inc. and Deloitte &
Touche. He received an MBA in Finance and Taxation from New York University and
a bachelor's degree in accounting from Hunter College. He is a native of New
York City and resides in Lloyd Harbor with his family.
"Considering the record growth at Avis under Kevin Sheehan's leadership, and
having worked with him at the former HFS, I know Kevin to be an outstanding
financial manager, said Cendant Chairman, President and CEO, Henry R. Silverman.
"I am very pleased that he will be joining Cendant's senior management team as
CFO."
"David Johnson joined Cendant in April 1998 shortly after fraud had been
discovered at the former CUC International," Silverman said. "His long-standing
relationship with the Company dates back to the HFS Incorporated IPO in 1992,
when David was with Merrill Lynch. David has provided invaluable leadership in
doing all that was necessary to rebuild Cendant and regain access to the capital
markets. His contributions have been enormous. As a
<PAGE>
result of his efforts, the Company today is stronger and has excellent prospects
for continued healthy growth in the future."
Cendant Corporation is a global provider of real estate, travel and direct
marketing related consumer and business services. The Company's core
competencies include building franchise systems, providing outsourcing solutions
and direct marketing. As a franchiser, Cendant is among the world's leading
franchisers of real estate brokerage offices, hotels, rental car agencies, and
tax preparation services. As a provider of outsourcing solutions, Cendant is a
major provider of mortgage services to consumers, the global leader in employee
relocation, and the world's largest vacation exchange service. In direct
marketing, Cendant provides access to insurance, travel, shopping, auto, and
other services primarily to customers of its affinity partners. Other business
units include NCP, the UK's largest private car park operator, and WizCom, an
information technology services provider. Headquartered in New York, NY, the
Company has approximately 28,000 employees and operates 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 or by
calling 877-4INFO-CD (877-446-3623).
STATEMENTS ABOUT FUTURE RESULTS MADE IN THIS RELEASE CONSTITUTE FORWARD-LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. THESE STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND THE CURRENT
ECONOMIC ENVIRONMENT. THE COMPANY CAUTIONS THAT THESE STATEMENTS ARE NOT
GUARANTEES OF FUTURE PERFORMANCE. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM
THOSE EXPRESSED OR IMPLIED IN THE FORWARD-LOOKING STATEMENTS. IMPORTANT
ASSUMPTIONS AND OTHER IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS ARE SPECIFIED IN
THE COMPANY'S QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30,
2000.
SUCH FORWARD-LOOKING STATEMENTS INCLUDE PROJECTIONS. SUCH PROJECTIONS WERE NOT
PREPARED IN ACCORDANCE WITH PUBLISHED GUIDELINES OF THE AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS OR THE SEC REGARDING PROJECTIONS AND FORECASTS, NOR
HAVE SUCH PROJECTIONS BEEN AUDITED, EXAMINED OR OTHERWISE REVIEWED BY
INDEPENDENT AUDITORS OF CENDANT OR ITS AFFILIATES. IN ADDITION, SUCH PROJECTIONS
ARE BASED UPON MANY ESTIMATES AND ARE INHERENTLY SUBJECT TO SIGNIFICANT ECONOMIC
AND COMPETITIVE UNCERTAINTIES AND CONTINGENCIES, MANY OF WHICH ARE BEYOND THE
CONTROL OF MANAGEMENT OF CENDANT AND ITS AFFILIATES. CERTAIN OF SUCH
UNCERTAINTIES AND CONTINGENCIES ARE SPECIFIED IN CENDANT'S QUARTERLY REPORT ON
FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2000. ACCORDINGLY, ACTUAL RESULTS
MAY BE MATERIALLY HIGHER OR LOWER THAN THOSE PROJECTED. THE INCLUSION OF SUCH
PROJECTIONS HEREIN SHOULD NOT BE REGARDED AS A REPRESENTATION BY CENDANT OR ITS
AFFILIATES THAT THE PROJECTIONS WILL PROVE TO BE CORRECT.
MEDIA CONTACT: INVESTOR CONTACTS:
Elliot Bloom Denise Gillen 212-413-1833
212-413-1832 Sam Levenson 212-413-1834
