Cendant Corp.

New York, NY: (Apr-06-07) Cendant Corp. CEO Henry Silverman retired from the conglomerate with a severance settlement far larger than he hoped for. In total, Silverman will walk away with almost $110 million. $62.53 million will be paid to Silverman as a severance package under the terms of employment from Cendant's car rental spin-off, Avis Budget Group Inc., and a $50 million lump sum will come from the company's real-estate spin-off, Realogy Corp. Cendant Corp. never recovered from a 1998 accounting scandal that scarred the company and its investors. The CEO's separation pay included the cash payment of $500,000 to reimburse him for his legal fees from the settlement and his employment agreement with Realogy Corp. [NORTH JERSEY MEDIA GROUP: CENDANT CEO SEVERANCE]

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Published on Apr-10-07