name is headed to the rubbish heap.
The former consumer-services conglomerate said Tuesday that its shareholders formally approved a plan to change the company's name to Avis Budget Group.
The name change comes after Cendant recently split itself up into four separate companies. The remaining entity includes the Avis and Budget rental car businesses.
The name change will occur on Sept. 5. On that day, the company will trade on the
New York Stock Exchange
with a new ticker symbol: CAR
Besides changing its name, the new Avis Budget also will undertake a 1-for-10 reverse stock split, which will reduce the company's number of outstanding shares.