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30-573: In 2005, Cendant split off all but its car rental interests into separate companies. Realogy was formed to group its real estate activities; shares in the new company were distributed to existing Cendant shareholders. In late 2006, it was bought for $ 6.65 billion, plus debt and other liabilities, by Apollo Global Management , a private equity group. The company was listed on the New York Stock Exchange in 2012; 40 million shares were sold at $ 27 each, raising US$ 1.08 billion. In 2013,

60-473: A 1997 net income of $ 55.4 million when the true 1997 result was a net loss of $ 217.2 million. As these irregularities in the books of Cendant were discovered in early 1998, an audit committee set up by Cendant's Board of Directors launched an investigation and discovered that the former management team of CUC, including its top executives Walter Forbes and Kirk Shelton , had been fraudulently preparing false business statements for several years. When this report

90-456: A 2005 survey of global assignment management practices commissioned by a US-based third-party relocation management company, 31 percent of surveyed employers indicated that they track exceptions on a per-assignment basis for budgetary purposes, 23 percent track exception on an overall basis in order to identify policy components that need review, and 39 percent do not track the cost or type of exceptions granted. (Seven percent were not able to answer

120-643: A Car out of bankruptcy for $ 110 million plus $ 2.8 billion in assumed debt. The combination of Budget with Avis made Cendant the second-largest car rental company in the U.S. In 2004, Cendant began a series of moves to simplify its business and focus on its core areas of real estate and travel. As part of this strategy, several non-core businesses were sold or spun off. In June 2004, Cendant sold Jackson Hewitt for $ 638 million through an initial public offering. In January 2005, Cendant spun off its mortgage and fleet management businesses as PHH Corporation . The next month, Cendant sold its Wright Express division,

150-577: A December 1992 IPO . HFS was among the fastest growing companies of its size in the 1990s and the company's stock rose from its IPO price of $ 4 per share to $ 77 per share in 1998. In 1993, HFS purchased the Super 8 brand, franchised to 1,000 motels, for $ 125 million, and bought the 61-hotel Park Inn brand. The company made a brief foray into the casino industry, but then spun off that business in November 1994 as National Gaming . In 1995, HFS launched

180-402: A country or state as well as international relocation services which include planning for diplomats , managers, etc. working abroad. An agency providing relocation services directs and manages the process of relocation including arranging necessary documents ( visa , long-term stay permissions), finding a new house ( accommodation ), finding a school for children ( education ), finding a job for

210-514: A disastrous merger with CUC International , a direct marketing company that operated discount membership programs like Shoppers Advantage and Travelers Advantage. HFS and CUC combined in a "merger of equals" on December 18, 1997, to form Cendant Corporation. As part of the merger, Silverman announced he would reduce his day-to-day involvement with the company and assume the company's chairmanship in preference of CUC's founder and CEO Walter Forbes . In January 1998, Cendant purchased Jackson Hewitt ,

240-486: A federal grand jury and sued by the Securities and Exchange Commission, which accused the company of directing the massive accounting fraud that ultimately cost the company and its investors billions of dollars. Shelton served 8 of his 10-year prison sentence before being released early for exemplary behavior. Former CEO Walter Forbes was sentenced to 12 years in prison in 2007. Under Silverman, Cendant bounced back from

270-452: A franchised chain of tax preparation offices, for $ 480 million. Just months after the merger, in April 1998 Cendant uncovered massive accounting improprieties at CUC which resulted in one of the largest financial scandals of the 1990s. At the time, Vice Chairman E. Kirk Shelton was reported to have inflated the company's revenue by $ 500 million over a period of three years. He had reported

300-500: A new hotel brand, Wingate Inn . After company management found that they had mostly exhausted the field of desirable acquisition targets in the hotel industry, Hospitality Franchise Systems expanded into the real estate business. Silverman hoped that HFS's skills at franchise management would bring success in fields outside of hospitality. In August 1995, it acquired Century 21 , a franchised chain of brokerages, from MetLife for $ 200 million. The company changed its name to HFS Inc.

330-414: A provider of fleet cards , for $ 1.03 billion through an initial public offering. In October 2005, Cendant sold its marketing services division, including its membership shopping programs, to Affinion Group , a vehicle of Apollo Management , for $ 1.8 billion. Meanwhile, proceeds from these sales were used for acquisitions to expand Cendant's core businesses. In November 2004, Cendant purchased Orbitz ,

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360-607: A range of internal business processes to transfer employees, their families, and/or entire departments of a business to a new location. Like other types of employee benefits , these processes are usually administered by human resources specialists within a corporation . In the military, these processes are administered by the Transportation Management Office (TMO) and Personal Property Shipping Office (PPSO). Such business processes can include domestic residential services where an employee moves within

390-537: A shared fleet of cars, and have the same "back end" system, but operate at different locations, offer different service levels, and have somewhat different pricing. After the Cendant name was dissolved, the car rental segment became known as Avis Budget Group and currently trades on the NASDAQ stock exchange under the ticker symbol CAR. These brands were spun off into Wyndham Worldwide . These companies are now under

420-611: A vehicle to acquire hotel franchises. It was led by Henry Silverman , a Blackstone partner and former CEO of Days Inn . It began in 1990 by buying Howard Johnson's and the U.S. rights to the Ramada brand from Prime Motor Inns for $ 170 million. In 1992, HFS bought the Days Inn franchise out of bankruptcy for $ 290 million. This purchase made HFS the largest hotel franchisor in the world, with its brands licensed to 2,300 hotels. Blackstone took Hospitality Franchise Systems public in

450-520: The Realogy banner. These companies are now under the Affinion Group banner. These brands were separated into a new company called Travelport . These companies are owned by Wyndham Worldwide. Relocation services This is an accepted version of this page Relocation services , employee relocation, military permanent change of station (PCS) or workforce mobility include

480-606: The Avis brand name and reservations system, while selling off the operations of Avis's corporate-owned locations as a new company, Avis Rent a Car, Inc. HFS also bought Resort Condominiums International , a timeshare exchange service, for up to $ 825 million. In 1997, HFS acquired PHH Corp. for $ 1.8 billion. PHH's businesses of mortgage brokerage , relocation services , and fleet management were expected to synergize with HFS's real estate and car rental businesses. However, later that year, Silverman led HFS into what would prove

510-613: The accounting scandal far outperforming the markets in the early 2000s. Following the fraud debacle, Cendant began selling businesses to reduce its debt and repair the financial damage caused by the accounting scandal. In 1998 the company sold Hebdo Mag , a publisher of classified advertising publications, for $ 450 million to a management buyout group. In 1999 it sold its consumer software division, Cendant Software (consisting of Blizzard Entertainment , Davidson & Associates , Knowledge Adventure , and Sierra On-Line ), to French publisher Havas for $ 770 million. By 2001, Cendant

540-457: The company bought the Wyndham hotel brand from Blackstone for $ 111 million. On October 23, 2005, Cendant's strategy of simplification culminated in the announcement that it would split into four separate companies, focused respectively on hotels, real estate, travel services, and rental cars. Silverman said the breakup would improve shareholder value by allowing the market to better recognize

570-471: The company moved its head office from Parsippany-Troy Hills, New Jersey to Madison, New Jersey . Ryan Schneider succeeded Richard A. Smith as chief executive officer in 2017. In May 2022, Realogy announced that the company would be changing its name from Realogy Holdings Corp. to Anywhere Real Estate Inc. This went into effect on 9 June 2022. Cendant Cendant Corporation was an American provider of business and consumer services, primarily within

600-563: The employee for upper management, and developing the company itself. Anne-Wil Harzing of the University of Melbourne further categorizes these employees as "bears, bumblebees and spiders". Those playing the role of bears are the long arm of headquarters control. The bumblebees transfer (cross-pollinate) their corporate culture. Harzing's spiders weave the informal communication networks so important in connecting far-flung branches, subsidiaries and all strategic partners . Responding to

630-581: The partner or "trailing spouse", arranging a teacher for the family ( language training) and introduce expatriates to the local culture. Dating back to the Dutch East India Company , sending an employee to work in another country (sometimes called a "global assignment" in current HR jargon) has carried considerable costs while theoretically opening the potential for financial returns for the employer. With tax equalization , housing allowance, cost-of-living adjustment, and other benefits,

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660-441: The question.) Depending on the size and organization of a company, different departments, such as finance or human resources, may administer the relocation program. Some may lack any formal programs while others have highly structured processes. Moreover, different operating units may administer different aspects of the program. Some may manage and execute all of their relocation processes in-house while others outsource them. This

690-613: The real estate and travel industries. In 2005 and 2006, it broke up and spun off or sold its constituent businesses. Although it was based in New York City , the majority of its headquarters employees were in Parsippany-Troy Hills, New Jersey . Its last CEO was Henry Silverman . Hospitality Franchise Systems Inc. (HFS) was created as an affiliate of the Blackstone Group , a private equity firm, as

720-476: The same month, to reflect its broadened scope. This was followed the next year with the acquisition of Electronic Realty Associates for $ 37 million, and Coldwell Banker for $ 740 million, making HFS the largest franchisor of real estate brokerages in the U.S. In 1996, HFS acquired the Avis car rental company for $ 793 million. In keeping with HFS's strategy of being primarily a franchisor, it kept ownership of

750-594: The third-largest travel booking site in the U.S., for $ 1.2 billion. In December 2004, Cendant consolidated its control of the Ramada name by buying out Marriott International 's stake in the hotel brand. In February 2005, Cendant acquired Ebookers , the second-largest travel booking site in Europe, for $ 350 million. In April 2005, Cendant acquired Gullivers Travel Associates, a British seller of travel packages and wholesale hotel nights, for $ 1.1 billion. In October 2005,

780-433: The typical expatriate compensation package is two to three times the home-country base salary. For example, an expatriate with a €100,000 annual salary will cost the employer €200,000-300,000 per year incl. the relocation costs. Shorter term assignments have lower costs, especially when they avoid taxation thresholds. Reasons why a company might give an employee a global assignment include filling functional needs, developing

810-474: The value of Cendant's component businesses. Cendant originally planned to spin off its travel services division to shareholders as a company named Travelport , but on June 30, 2006, Cendant announced it would sell Travelport to Blackstone for $ 4.3 billion. On July 31, 2006, Cendant's real estate and hotel divisions were spun off and became separate companies under the names Realogy and Wyndham Worldwide , respectively. The sale of Travelport to Blackstone

840-447: Was again in acquisition mode. It re-acquired the operations of Avis Rent a Car for $ 937 million. It made moves towards building a major online travel portal by acquiring Galileo International for $ 2.9 billion, and Cheap Tickets for $ 425 million. It entered the timeshare sales and management business by buying Fairfield Communities for $ 690 million, and Trendwest Resorts for $ 980 million. In 2002, Cendant bought Budget Rent

870-452: Was completed on August 23, 2006. This left Cendant with only its car rental business, comprising Avis, Budget Rent a Car, and Budget Truck Rental . The company retired the Cendant name and renamed itself to Avis Budget Group on September 1, 2006. Cendant owned the rental brands of Avis and Budget , holding these properties in the CCRG (Cendant Car Rental Group). Avis and Budget operate

900-514: Was released to the public, the resulting damage to the market value for the company was approximately $ 14 billion, with their stock tumbling from a high of $ 41 down to nearly $ 12. At the time, this fiasco was the largest case of accounting fraud in the country's history. After the accounting scandal was uncovered, Silverman and the Cendant board forced Forbes’ resignation and Silverman assumed the CEO post. In March 2001, Forbes and Shelton were indicted by

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