Cendant Vice Chairman Steps Down

Cendant Corp. said Christopher McLeod stepped down as vice chairman but will temporarily remain chief executive of a software subsidiary it plans to sell. McLeod, 42, will keep his job at Cendant Software until the division is sold, either to another company or to investors through an initial public offering, the company said. Parsippany, N.J.-based Cendant hired Credit Suisse First Boston to sell the unit, which makes CD-ROM entertainment and educational programs. Cendant shares fell as much as 82% in the last six months, after it disclosed accounting fraud in a division selling discount shopping, travel and other services to fee-paying “members.” The membership business was part of CUC International Inc., whose December merger with HFS Inc., owner of brands such as Avis car rentals, Ramada hotels and Century 21 real estate, formed the company. Cendant shares rose 63 cents to close at $9.63 on the NYSE.