Kenneth N. May Appointed CEO Of Cendant`s Vacation Timeshare Services Unit

Cendant Corporation (NYSE: CD) today announced that it has named Kenneth N. May as CEO of its vacation timeshare services unit, Resort Condominiums International (RCI). Mr. May, 49, will oversee RCI`s global operations, based in Parsippany, NJ. He will report to Stephen P. Holmes, a Cendant vice chairman and chairman and CEO of the Company`s Travel Division.

``Ken May`s personal and professional experience will be an asset to RCI`s position as the leading timeshare services company worldwide,`` Mr. Holmes said. ``Having spent much of his life in Asia and Europe, Ken has more than 25 years of global business experience across three industries including consumer packaged goods, consumer banking and leisure. Ken is a strong believer in how brand positioning, product quality, customer service and targeted distribution can drive sustainable value. He`s also a timeshare industry veteran, a former board member of the American Resort Development Association (ARDA), and led the Disney Vacation Club during its first three years as one of the first points-based vacation clubs.``

While at Disney Vacation Club, Mr. May held the position of senior vice president and general manager of Disney Vacation Development. One of his key accomplishments was to position the Disney timeshare product as a membership-based business. Most recently, Mr. May served as general manager, Citibank North America Credit Cards, where he played a key role in the branding of Citibank`s credit cards. He also worked for PepsiCo and Colgate Palmolive in Latin America, Europe and Australia. Ken received a BA from Middlebury College and earned his graduate degree from the American Graduate School of International Business (Thunderbird).

Mr. May succeeds John Russell who left the company in September for personal reasons. Mr. Russell will continue to serve as a consultant to RCI and Cendant`s Travel Division.

RCI is the world`s leading timeshare-exchange company with more than 3,500 affiliated resorts in nearly 100 countries. In 1999, RCI booked more than 1.8 million exchanges, sending more than 6.5 million people on vacation. As a single-source provider of integrated timeshare solutions, the company`s services include feasibility analysis, market research, technological support and lead-generation strategies along with club development and operations.


Cendant Corporation (NYSE:CD) 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 franchisor, Cendant is among the world`s leading franchisors of real estate brokerage offices, hotels, rental car agencies, and tax preparation services. The Company`s real estate-related operations also includes, Cendant`s residential real estate services portal on the Internet. 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 30,000 employees and operates in over 100 countries.