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Fairfield News & Notes
Berk to Leave Fairfield CEO Post
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New York, NY and Orlando, FL., January 24, 2001-Jim Berk, president and chief executive officer of Fairfield Communities, Inc. (NYSE:FFD), said today that he would leave his position to consider multiple opportunities - including resuming his role as the CEO of another independent company - following the completion of Cendant Corporation's (NYSE:CD) acquisition of Fairfield Communities, expected to close in April, 2001. Following the acquisition, Mr. Berk will also become a special advisor to Cendant Travel Division Chairman and CEO, Stephen P. Holmes. "Jim Berk has done an outstanding job during his tenure at Fairfield, driving growth and financial results," Mr. Holmes said. "He has developed one of the industry's strongest management teams and set a foundation for continued expansion and success for Fairfield Communities. We are pleased that Jim will continue to have a |
relationship with Cendant and look forward to drawing on his expertise in the future." The two companies announced today that Franz Hanning, current COO of Fairfield Communities, will assume the position of president and CEO following the close of the transaction. Mr. Hanning, a 19-year veteran of Fairfield, has served in the role of COO since 1998. "I joined Fairfield Communities as CEO with goals to revitalize the organization, implement a strategy for long-term growth and to pursue every opportunity to increase shareholder value," Mr. Berk said. "I am proud that we were able to accomplish all these objectives and build a strong management team in whose capable hands I am confident Fairfield will continue to thrive. Having accomplished what I set out to do at Fairfield, I now look forward to applying my skills to new challenges and |
opportunities." "Jim Berk has done an outstanding job during his tenure at Fairfield, driving growth and financial results," Mr. Holmes said. "He has developed one of the industry's strongest management teams and set a foundation for continued expansion and success for Fairfield Communities. We are pleased that Jim will continue to have a relationship with Cendant and look forward to drawing on his expertise in the future." "We are very grateful to Jim Berk for the extraordinary success at the helm of Fairfield Communities," said Fairfield Chairman, Bryan Langton. "His leadership allowed us to maximize the value of our company on behalf of our shareholders, significantly improve our operational performance and marketing programs and achieve revenue and earnings records in every quarter." |
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Last Updated on January 31, 2001 |
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