�This was an exceptionally difficult personal decision but at this stage in my life it is important for me to now spend more time with my other family - my wife Betsy and our children,� said Russell. �Cendant will continue down the road of greatness, and I am thrilled to have been part of its success.� 

�All of us recognize the difficulty of balancing corporate and family life and John has shown great courage in making this decision,� said Steve Holmes. �While all of us will miss the day-to-day infusion of his energy, spirit and creativity in our corporate life, I know his family will gain greatly by the day-to-day infusion of him back into its life.� 

Well-known throughout the industry, Russell�s accomplishments have been extensive since joining Cendant in 1992, then HFS Incorporated. He initially served as president of Days Inns of America, Inc. and during his three-year tenure, the chain grew explosively, adding more than 500 hotels. He was also executive vice president of franchise sales for the Century 21 Real Estate Corporation from 1995 to 1996. Under his direction, Century 21 franchise sales grew by 600 percent. 

Prior to joining RCI in 1998, Russell was chairman and CEO of the hotel division of Cendant, the world�s largest franchise lodging company with eight hotel brands, 6,200 hotels and more than 540,000 rooms in 16 countries. With more than 20 years of hospitality and business experience, he is known nationally for his marketing, management, leadership and sales expertise. 

Russell served two terms as president of the Hospitality Sales and Marketing Association International and is currently a board member of the American Hotel & Motel Association. He will become that group�s chairman in 2001. He is also a member of The University of Delaware Hotel Restaurant Institutional Management�s board for directors. 

Cendant Corporation is a global provider of consumer and business services.