Cendant Names McConnell to Head New Resorts Unit; Industry Veteran to Lead World's Largest Timeshare Developer Portfolio.Business Editors PARSIPPANY, N.J.--(BUSINESS WIRE)--April 25, 2002 Cendant Cendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. Although the company was based out of New York City, the majority of Cendant's headquarters employees were located in Parsippany-Troy Hills, Corporation today announced the appointment of John W. (Jack) McConnell, 60, to the newly-created position of President and Chief Executive Officer for Cendant's Timeshare A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. Resort Group, where he will oversee all staff and operations for the Company's growing portfolio of timeshare development businesses. In his new role, McConnell, who will be based in Cendant's Parsippany, N.J. offices, will be responsible for ensuring that the Timeshare Resort Group meets or exceeds performance goals and achieves organic growth. He will also lead efforts to expand into international markets as well as pursue further acquisitions within timeshare, the fastest-growing segment of the travel and leisure industry. Stephen P. Holmes, chairman of Cendant's Hospitality Division, stated: "Jack McConnell Jack Wilson McConnell (born June 30, 1960 in Irvine, North Ayrshire) is a former First Minister of Scotland, leader of the Scottish Labour Party and current Member of the Scottish Parliament (MSP) for the Motherwell and Wishaw constituency. brings more than 15 years of senior management experience in vacation ownership sales, marketing and operations to our growing timeshare developer portfolio. His leadership will be instrumental in helping our timeshare businesses share best practices and achieve their full potential in the coming years." Cendant's Timeshare Resort Group currently includes Fairfield Resorts Fairfield Resorts is the largest timeshare company and has the largest number of owners in the world. It a subsidiary of Wyndham Worldwide, based in Orlando, Florida. The company's name comes from its first resort, Fairfield Bay Resort in Fairfield Bay, Arkansas. In Oct. , Inc., acquired on April 2, 2001, and Equivest Finance, Inc., acquired on February 11, 2002. Trendwest Resorts Inc., which Cendant announced its intention to acquire on April 1, 2002, will be included in this group upon completion of the acquisition later this quarter. At that time, the combined components of Cendant's Timeshare Resorts Group will represent the world's largest timeshare developer portfolio in terms of resorts, owners, units and revenues. Jack McConnell served as president and chief executive officer of Fairfield Communities, Inc., now Fairfield Resorts, from 1991 to 1999. During his tenure, Fairfield more than doubled its ownership base and strengthened its financial performance significantly, growing its revenue four-fold and earnings per share at a compounded annual growth rate in excess of 30%. Under his leadership, Fairfield's portfolio of properties expanded by 13 new resorts and established a growing presence in the western U.S. McConnell holds a Bachelor of Science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies degree from the University of Steubenville, Ohio
Steubenville is a city located along the Ohio River in Jefferson County, Ohio, in the United States. ; he was named "Industry Leader of the Year" by the American Resort Development Association The American Resort Development Association ("ARDA") is a professional association representing the USA vacation ownership and resort development industry, also referred to as the timeshare industry. in 1995. About Cendant Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 70,000 employees, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City-based Cendant provides these services to business and consumers in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company's Web site at http://www.cendant.com or by calling 877-4-INFOCD (877-446-3623). |
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