In his new role, McConnell, who will be based in Cendant's Parsippany, N.J. offices, will be responsible for ensuring that the Timeshare Resort Group meets or exceeds performance goals and achieves organic growth. He will also lead efforts to expand into international markets as well as pursue further acquisitions within timeshare, the fastest-growing segment of the travel and leisure industry. 

Stephen P. Holmes, chairman of Cendant's Hospitality Division, stated: "Jack McConnell brings more than 15 years of senior management experience in vacation ownership sales, marketing and operations to our growing timeshare developer portfolio. His leadership will be instrumental in helping our timeshare businesses share best practices and achieve their full potential in the coming years.'' 

Cendant's Timeshare Resort Group currently includes Fairfield Resorts, Inc., acquired on April 2, 2001, and Equivest Finance, Inc., acquired on February 11, 2002. Trendwest Resorts Inc., which Cendant announced its intention to acquire on April 1, 2002, will be included in this group upon completion of the acquisition later this quarter. At that time, the combined components of Cendant's Timeshare Resorts Group will represent the world's largest timeshare developer portfolio in terms of resorts, owners, units and revenues. 

Jack McConnell served as president and chief executive officer of Fairfield Communities, Inc., now Fairfield Resorts, from 1991 to 1999. During his tenure, Fairfield more than doubled its ownership base and strengthened its financial performance significantly, growing its revenue four-fold and earnings per share at a compounded annual growth rate in excess of 30%. Under his leadership, Fairfield's portfolio of properties expanded by 13 new resorts and established a growing presence in the western U.S. 

McConnell holds a Bachelor of Science degree from the University of Steubenville, Ohio; he was named ``Industry Leader of the Year'' by the American Resort Development Association in 1995. 

Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 70,000 employees, New York City-based Cendant provides these services to business and consumers in over 100 countries.