Word: cendant
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Dates: during 2000-2009
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...market boom. The company expanded into real estate, then rental cars (Avis). Its share price rose almost 2,000% in four years, and Silverman's net worth rocketed toward $1 billion. He was hailed as a genius. Then, in 1997, he merged HFS with direct-marketer CUC to form Cendant. CUC was an e-commerce pioneer, giving Silverman a tangential link to the Internet bubble. Under CEO Walter Forbes, now awaiting jail, CUC was also a pioneer at fabricating earnings, Silverman later discovered. This was the first of the big end-of-the-century accounting scandals, and though Silverman...
...paychecks remained large enough to attract criticism though, and even as Silverman steered Cendant to a profit peak of $2 billion in 2004, investors were unimpressed. So he heeded their grumbling and broke up the company. The hotels became Wyndham Worldwide, rental cars the Avis Budget Group, travel distribution (Orbitz, Galileo) Travelport, and real estate Realogy. Blackstone bought Travelport last year, and now Realogy belongs to Apollo...
...game, offering options like bridge jobs to attract and keep older workers. The advantages are many: surveys find older workers score high in company loyalty and productivity, and the bridge period can be used to transfer a veteran employee's knowledge and skills to the next generation. Quest Diagnostics, Cendant Group, New York Life and Verizon were among 11 corporations that recently teamed with the AARP to figure out how to hire and retain over-50 workers. Eli Lilly, Procter & Gamble and Boeing partner with YourEncore, a placement company for retirees seeking project work. CVS/ pharmacy, Home Depot and Borders...
...online in the region - there's no longer room for everyone. Price pressure from major hotels' and airlines' own online operations means Web-based operators "need to be big," says Evolution Securities analyst Robin Chhabra. "Scale is very, very important." No need to remind Sabre's rivals. U.S. firm Cendant, which swallowed up U.K.-based ebookers last year, and Expedia's parent IAC/InterActiveCorp could yet come up with counterbids for lastminute.com. Also in line to team up are American online stockbrokers. Sliding trade volumes and fierce competition for fees point to "further consolidation" among America's online brokerages, Joe Ricketts...
...president of Orbitz.com Sands, 37, is taking the Chicago-based travel website global. The marketing exec was tapped for the top job when travel and real estate services giant Cendant bought Orbitz late last year. His first international step will be letting customers use foreign credit cards to book online, especially Europeans eager to travel to the U.S. because of the weak dollar. Sands also plans to roll out foreign-language sites and use Cendant's long-standing relationships with hotels and time shares overseas to give Americans more options. --By Barbara Kiviat