Siegel Named Avis Chairman, CEO

PARSIPPANY, N.J. -- Cendant Corporation's Vehicle and Financial Services Division has named David N. Siegel, 39, chairman and CEO of its Avis Rent A Car unit. Formerly president of Continental Express, Siegel will lead all sales, marketing, finance, operations and human resources for Avis. The Avis chairman and CEO position has been vacant since the resignation of A. Barry Rand in March 2001.

Siegel spent seven years at Continental, the final four as president of its $700 million Continental Express subsidiary.

"Cendant is extremely pleased to have someone of David Siegel's caliber and travel industry credentials spearhead our growth in the rental car sector," said John Chidsey, chairman and CEO of Cendant's Vehicle and Financial Services Division, to whom Siegel will report. "David's track record in diverse management roles prepares him well for the opportunities and challenges that lie ahead for Avis."

Acquired in full by Cendant in March of this year, Avis has been a leader in the rental car industry for 55 years. Avis Rent A Car System Inc. generated more than $2.6 billion in revenue in 2000 and employs more than approximately 20,000 people.

"I have long admired the Avis brand and the company's commitment to service," said Siegel. "I look forward to contributing to Cendant's success as it grows both its rental car business and its presence in the electronic travel market."

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