Cendant halves CEO's pay, will expense stock options

NEW YORK--Cendant Corp., the hotel and real estate brokeragefranchiser whose shares haven't recovered from a 1998 accountingscandal, will cut Chairman and Chief Executive Henry Silverman's payby more than half and begin accounting for stock options as anoperating expense.

Silverman's 2002 pay will be about $15 million, down from $36million in 2001, spokesman Elliot Bloom said. He declined to commenton the reason for the changes. New York-based Cendant is the biggestfranchiser of hotels, with chains such as Days Inn and HowardJohnson, and of residential brokerages, including Century 21 andColdwell Banker.

Cendant shares are at about half their level in 1998 before …