PARSIPPANY, N.J., Sept. 9, 1998 -  Cendant Corporation (NYSE: CD) today announced the appointment of John J. Russell to president and CEO at the Company's RCI unit and vice chairman of Cendant's Travel Division. Russell, 51, will be responsible for overseeing RCI's global operations. He will report to Cendant Vice Chairman, Stephen P. Holmes.

Most recently, Russell served as chairman and CEO of Cendant's Hotel Division, the largest franchise lodging company in the world representing eight hotel brands, 5800 hotels and 520,000 rooms in 16 countries. His experience in the hospitality industry spans some 25 years. He has served as president of Days Inn of America, and also was president and CEO of Colony Hotels and Resorts, responsible for vacation ownership and resort management internationally. Russell was also executive vice president of Radisson Resorts while at Colony and held several senior management positions with Sheraton Corporation. From 1988 to 1990, Russell served as president of the Hospitality Sales and Marketing Association International and will become chairman of the American Hotel and Motel Association (AHMA) in 2001.

L. Steven Miller, 49, who has long been recognized as a pioneer and leader in the timeshare exchange industry and has brought many innovations to both RCI and the industry as a whole, has decided to join Sunterra Corporation as president and CEO. Sunterra is one of RCI's largest affinity partners and developers of timeshare resorts.

Cendant also announced the promotion of Eric E. Pfeffer, 46, to chairman and CEO of its Hotel Division. He was previously president and COO. Pfeffer-who has spent more than 20 years in the lodging industry-was also managing director of HFS Global Services B.V. with responsibility for developing and servicing master franchisees for the company's real estate and hotel brands throughout the world. He will also report to Steve Holmes.

"While we certainly regret Steve Miller's departure, we are pleased that he will be joining a leading developer in the timeshare industry and one of Cendant's largest and most successful business partners," said Cendant Vice Chairman, Stephen P. Holmes. "With John Russell at the helm, we are excited about RCI's future.

John is a seasoned veteran within the travel industry and, combined with a terrific management team, RCI's growth prospects are outstanding. Furthermore, both John's and Eric's appointments are indicative of the very deep and strong senior management that exists within Cendant today. Together they will leverage the synergies that are inherently present in the hotel and timeshare industries."

Cendant (NYSE: CD) is the world's premier provider of consumer and business services. The Company operates in three principal segments: Travel Services, Real Estate Services and Alliance Marketing. In Travel Services, Cendant is the leading franchisor of hotels and rental car agencies worldwide; the largest provider of vacation exchange services; a leading fleet management company; the UK's largest private car park operator; and a leading motorist assistance group in the UK. In Real Estate Services, Cendant is the world's premier franchisor of residential real estate brokerage offices; a major provider of mortgage services to consumers; and a global leader in corporate employee relocation. In Alliance Marketing, Cendant provides access to insurance, travel, shopping, auto and other services, primarily through direct marketing to customers of its affinity partners. Headquartered in Parsippany, NJ, the company has more than 40,000 employees and operates in over 100 countries.