Cendant's Silverman Falls on Options Sword

Investor wrath over the lucrative CEO stock options grants that were a hallmark of bubble-era excess found a high-profile answer Wednesday.

Cendant (CD Quote), the real estate and travel conglomerate, said it would get rid of its annual option package for CEO Henry Silverman.

As a result of the decision, Silverman's pay will be cut by more than half to $15 million in 2002 from $36 million in 2001. Instead of options, the CEO will get an incentive bonus tied to company earnings. ...