address new industry acquisitions Business Editors PARSIPPANY, N.J.--(BUSINESS WIRE)--Oct. 17, 1996--HFS Inc. (NYSE: HFS) announced today that it has elected two new members to its board of directors, reflecting the diversification of the company's activities. E. John Rosenwald Jr., vice chairman of The Bear Stearns Companies Inc., and Joseph V. Vittoria, chairman and chief executive officer of Avis Inc., the world's second largest rental car company, purchased today by HFS Inc., have been elected to the board. It is anticipated that Christel DeHaan, chairman and CEO of Resort Condominiums International, will be elected to the board upon HFS's acquisition of RCI later this year. "We have significantly increased the size and diversity of our company over the past few years making it appropriate that we expand the breadth and scope of our board," said Henry R. Silverman, chairman and CEO of HFS Inc. "John and Joe bring with them a high degree of skill and experience, which will make a considerable contribution to the board's effectiveness." E. John Rosenwald Jr. has been with The Bear Stearns Companies Inc. since 1954, and was elected vice chairman of the company in 1988. Rosenwald also serves on the board of directors of Hasbro Inc., and Frequency Electronics Inc., as well as being a member of the board of trustees of a number of non-profit organizations. He is a graduate of Dartmouth College and the Amos Tuck School of Business Administration. Joseph V. Vittoria has spent his entire career since the 1960s in the car rental industry, spending much of his time with Avis. Vittoria is on the board of directors of UAL Corp. and is a member of the regional advisory board of the Chemical Banking Corp. He graduated from Yale University and has a master of business administration from Columbia University. He also holds an honorary doctor of laws degree from Molloy College, in Rockville Centre, N.Y. HFS Inc. is the world's largest franchisor of hotels and residential real estate brokerage offices. The company has more than 5,300 Days Inn, Howard Johnson, Knights Inn, Park Inn, Ramada, Super 8, Travelodge, Villager Lodge and Wingate Inn franchised hotels with more than 490,000 rooms in the United States, Canada, Latin America and Europe. In real estate, HFS's CENTURY 21, Coldwell Banker and ERA brands have about 11,200 franchised offices with more than 160,000 brokers and agents in the United States, Mexico, Canada, Puerto Rico, Europe, Africa and the Asia/Pacific region. The company also owns Avis Inc., the world's second largest rental car company, and expects to close on its purchase of Resort Condominiums International (RCI), the world's largest provider of vacation timeshare exchanges, before year end.
HFS ELECTS NEW BOARD MEMBERS; EXPANDS MEMBERSHIP TO
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