Cendant Forms Unit to Develop Web Sites

Cendant Corp. said it formed a unit to develop e-commerce sites on the Internet based on its various businesses, which include hotel franchising and direct marketing. The New York-based company named Samuel Katz, 34, formerly senior vice president of strategic development, chief executive of the new Cendant Internet Group. It also hired Lehman Bros. Holdings Inc. senior Internet analyst Brian Oakes, 37, to be executive vice president and chief investment officer of the unit. Cendant said it expects to develop a comprehensive business plan for the new unit over the next several months. A key part, however, will be to form alliances and make investments to complement its strategy. Cendant shares rose 6 cents to close at $19.94 on the NYSE.