Cendant Spin-Off in Market For Space

STAMFORD, CT-Last week’s announcement by Cendant Corp., that it intends to spin-off its Cendant Membership Services will mean the relocation of the division’s operations from downtown Stamford to offices in the Norwalk area.

Cendant in an announcement on Oct. 25 stated that it will eventually spin-off Cendant Membership Services, which is headquartered at 707 Summer St., in Stamford and its Cendant Incentives division, which has offices in Richmond, VA. Company officials stated that the new company (which has yet to be named) will be headquartered in the Norwalk area and will be led by its current management team.

According to Laurie Quinn, a Cendant spokesperson, a total of 500 Cendant employees at its Stamford offices will be affected by the move. The spin-off is expected to be completed by mid-2001.

The spin-off does not include the direct marketing businesses: FISI Madison, Benefits Consultants Inc., CIMS and Long-Term Preferred Care operations.

Cendant announced that Scott W. Bernstein, 40, currently president of Cendant Membership Services, has been named CEO of the new company.