| Wyndham Worldwide Announces Departure of Steven A. Rudnitsky
Parsippany, NJ September 2, 2008 - Wyndham Worldwide (NYSE:WYN)
today announced that Steven A. Rudnitsky, president and chief executive
officer of the Wyndham Hotel Group business unit, is leaving the company
to pursue other interests. A search for a new CEO for the business is underway.
�Steve�s leadership transformed our lodging business from a pure domestic
franchise company into a major global franchise and management company
through the acquisition of world-class brands, acceleration of international
hotel development and the strengthening of our core domestic operations.
I thank him for his many valuable contributions. As we search for his successor,
we will be looking for a new leader who can build on this solid and stable
business platform,� commented Stephen P. Holmes, chairman and CEO of Wyndham
Worldwide.
| Form 8-K for WYNDHAM WORLDWIDE CORP
3-Sep-2008
Change in Directors or Principal Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
On September 2, 2008, Wyndham Worldwide Corporation (the "Company")
announced that Steven A. Rudnitsky, Chief Executive Officer of the Company's
lodging business unit, is leaving the Company effective September 30, 2008.
It is expected that, consistent with his employment agreement, Mr. Rudnitsky
will receive cash severance of approximately $2.2 million and any of Mr.
Rudnitsky's long term incentive awards that would have otherwise vested
within one year of the effective date of his separation will vest immediately
upon separation and remain outstanding for two years following the effective
date of separation. |
About Wyndham Worldwide
As one of the world�s largest hospitality companies,
Wyndham Worldwide offers individual consumers and business-to-business
customers a broad suite of hospitality products and services across various
accommodation alternatives and price ranges through its premier portfolio
of world-renowned brands. Wyndham Hotel Group encompasses almost 6,550
franchised hotels and almost 551,000 hotel rooms worldwide. Group RCI offers
its more than 3.6 million members access to over 67,000 vacation properties
located in approximately 100 countries. Wyndham Vacation Ownership develops,
markets and sells vacation ownership interests and provides consumer financing
to owners through its network of approximately 145 vacation ownership resorts
serving over 800,000 owners throughout North America, the Caribbean and
the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J.,
employs more than 33,000 employees globally. For more information about
Wyndham Worldwide, please visit the Company�s web site at www.wyndhamworldwide.com.
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