Cendant Sells Fleet Businesses, Eliminates Litigation Committee
Robert D. Kunisch retired as vice chairman following the divestiture, but will remain a director.
Separately, Cendant said it would reduce the size of its board of directors from 17 to 14 members, following the elimination of the Litigation Committee. Robert P. Rittereiser, Craig R. Stapleton and E. John Rosenwald Jr. all resigned following a shareholder vote in May to do away with the committee.
Henry R. Silverman, the chairman, president and CEO of Cendant, said in a prepared statement that the three had been instrumental in restoring shareholder value to the company after accounting irregularities were discovered last year at the former CUC International, Cendant's direct marketing subsidiary.