NEW YORK, Cendant Corporation CD today announced several management changes, effective March 1, 2003. John W. Chidsey, chairman and CEO Vehicle and Financial Services Divisions, has resigned to pursue opportunities outside of Cendant. Mr. Chidsey will remain as a consultant to the Company through the second quarter of this year.

Kevin M. Sheehan, chief financial officer, will assume additional responsibility for the Vehicle Services Division, which includes the Cendant Car Rental Group (Avis and Budget), PHH Arval and Wright Express.

Samuel L. Katz, chief strategic officer; chairman and CEO Travel Distribution Services Division, will take on additional responsibility for the Financial Services Division, which includes Jackson Hewitt, Progeny and our relationship with Trilegiant.

Cendant's Chairman, President and CEO, Henry R. Silverman, stated: "Given our previously announced shift in strategic focus from acquisitions to operations, Kevin Sheehan and Sam Katz are now able to reallocate their time. Considering Kevin's previous role as president of Avis, he is the perfect choice to manage Cendant's Vehicle Services Division and spearhead the integration of Budget within the Company's newly formed Car Rental Group. Freeing Sam up from M&A will allow him to take on more operational responsibility for our Financial Services Division."

Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 90,000 employees, New York City-based Cendant provides these services to business 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 www.cendant.com or by calling 877-4-INFOCD (877-446-3623).