Cendant Shakes Up Exec Suite - TheStreet



shook up management Monday as the big travel and real estate concern completes its streamlining efforts.

The New York-based conglomerate said vehicle services chief Kevin M. Sheehan and Scott Forbes, senior executive vice president of Cendant Europe, Middle East and Africa, will leave the company.

Richard A. Smith will continue to head up Real Estate Services, while Stephen P. Holmes will take control of Travel Content and Samuel L. Katz will oversee Travel Distribution.

Holmes had been chief of Hospitality Services, while Katz was CEO of the Travel Distribution Services Division.

Cendant also said it will disband its Europe, Middle East and Africa headquarters in London.

"The recent dispositions of our non-core business units, including our tax preparation, mortgage, fleet management and fuel card management units, and the pending sale of Marketing Services, will position Cendant as a pure play travel and real estate company," said CEO Henry Silverman. "As part of the realignment, we are compelled to streamline our management reporting structure to be more in line with the long-term operating structure of the company."

Cendant also said it expects to "reformat its 2005 guidance consistent with its new segment reporting during the next several weeks."

In after-hours action Monday, Cendant crept 12 cents higher to $21.81.