Cendant Appoints Leading Technology Industry Executive Jeff Clarke as CEO and President of its Travel Distribution Services Division

Cendant Appoints Leading Technology Industry Executive Jeff Clarke as CEO and President of its Travel Distribution Services Division

April 18, 2006

New Name for Company's Travel Distribution Services Division Will be Travelport

    NEW YORK, April 18 /Xinhua-PRNewswire/ -- Cendant
Corporation (NYSE:  CD) today announced that leading
technology executive, Jeff Clarke, has been appointed CEO
and president of its Travel Distribution Services (TDS)
Division, effective May 1, 2006.  

    Mr. Clarke joins TDS from CA, formerly Computer
Associates Inc., where he had served as the software
company's chief operating officer since 2004. The naming of
Mr. Clarke as CEO and president further strengthens the TDS
management team, and completes the division's senior
leadership.  Gordon Bethune became Chairman of the division
last month.  

    "Jeff Clarke has been a rising star in the
technology sector for many years and I am delighted that he
has agreed to accept the position as CEO and
president," Cendant's Chairman and CEO, Henry R.
Silverman, said. "Jeff's strong management and
operational skills played an integral role in the
successful revitalization of CA. As head of global
operations at Hewlett-Packard following its merger with
Compaq Computer Corporation, he helped to facilitate one of
the largest and most successful merger integrations within
the technology sector. Jeff's unique experiences make him a
seasoned executive who is well prepared to continue to
strengthen TDS's position as one of the world's leading
travel distribution services businesses."

    "As we noted in December 2005, we have moved from
the acquisition phase to the execution phase of TDS's
development, and Jeff is an ideal choice to lead that
effort.  His experiences at CA and HP will be extremely
helpful in driving revenue and profit growth from our
global, leading portfolio of brands and businesses. 
Together with Gordon Bethune's extensive background in
travel, our world-class management team is now
complete."

    Mr. Clarke began his career at Digital Equipment
Corporation in 1985, holding several financial, operational
and international positions before joining Compaq in 1998.
He was Compaq's Chief Financial Officer and Senior Vice
President of Finance and Administration before being asked
to lead the integration with HP. Clarke joined CA in 2004,
and in his role of Chief Operating Officer, he was
responsible for sales, services, corporate strategy,
business development, finance and information technology
for the $3.5 billion company.  

    "I am thrilled to have the opportunity to lead a
company with such a strong management team and a remarkable
portfolio of assets," Mr. Clarke said. "TDS, with
its leading brands such as Orbitz, Galileo and GTA
(Gullivers Travel Associates), is ideally positioned to
experience considerable growth in the months and years
ahead and I am excited about being part of its
success."

    Mr. Bethune joined TDS in March after a career spent in
the airline industry, including his role as Chief Executive
Officer of Continental Airlines, where he was credited with
turning around the struggling carrier. Between 1979 and
1988, Mr. Bethune held executive positions at several other
major airlines including Braniff, Western and Piedmont,
along with serving as a vice president and general manager
at Boeing Corporation.

    TDS to be Named as Travelport, Inc.

    The Company also announced that TDS, comprised of
widely recognized travel industry brands such as Orbitz,
Galileo and GTA (Gullivers Travel Associates), has been
re-named Travelport, Inc.

    "Taking on the Travelport name offers us the
opportunity to create a strong and unifying brand identity
for the distinct travel businesses that comprise our
company.  It also allows us the opportunity to leverage the
brand equity that already exists in the Travelport name and
identifies our company as the destination for travel
bookings," Mr. Bethune said. "Travelport will
continue to focus on transforming the travel experience by
improving operating systems and employing a more
customer-focused approach."

    The division will continue to be referred to as TDS
until such time as the logo and complete brand identity
have been announced, which is expected to be in the early
summer.  

    Travelport will be headquartered in New Jersey and is
one of the most geographically diverse and vertically
integrated travel distribution companies in the world, with
over 8,000 employees operating in more than 130 countries. 


    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 http://www.cendant.com .

    About TDS

    Cendant Corporation's (NYSE: CD) Travel Distribution
Services division is one of the world's largest and most
geographically diverse collections of travel brands and
distribution businesses.  The division, employing
approximately 8,000 people and operating in nearly 130
countries, includes:  leading GDS (global distribution
system) Galileo, serving more than 50,000 travel agencies
and over 60,000 hotels; GTA (Gullivers Travel Associates),
a leading wholesaler and global online provider of hotels,
destination services, travel packages and group tours; and
leading online travel agencies including Orbitz(R).

    Forward Looking Statements

    Certain statements in this press release 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 (including a possible sale of Travelport) will be
completed, nor can it give assurances as to the terms on
which such transactions will be consummated. These
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 press release include, but are not limited
to: risks inherent in the contemplated separation and
related transactions (including a possible sale of
Travelport), 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 press
release 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 press release. 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.

    For more information, please contact:

    Media
     Elliot Bloom
     Tel:   [phone]

     Elizabeth Harraway
     Tel:   [phone]

    Investors
     Sam Levenson
     Tel:   [phone]

     Henry A. Diamond
     Tel:   [phone]

SOURCE  Cendant Corporation