Henry Silverman

Henry R. Silverman
Born	(1940-08-01) August 1, 1940 Brooklyn, New York, U.S.
Occupation(s)	Businessman, private equity investor
Years active	1965–present
Known for	Leading Cendant Corporation; managing hotel, car rental, real estate, and travel brands

Henry R. Silverman (born August 1, 1940) is a prominent American businessman and private equity investor, best known for his role in evolving Cendant Corporation into a multibillion-dollar enterprise specializing in business services. Cendant's operations spanned car rentals, travel booking, real estate brokerage, and it held the distinction of being the largest hotel franchisor globally.

Silverman managed a portfolio of leading brands, including hotel chains such as AmeriHost Inn, Days Inn, Howard Johnson's, Ramada, Super 8, and Travelodge; car rental firms like Avis Rent a Car System and Budget Rent a Car; real estate brokerages including Coldwell Banker, Century 21 Real Estate, and Sotheby's International Realty; as well as the travel booking service Orbitz Worldwide.

Early life and education

Raised in a Jewish family in Brooklyn, Silverman is the son of the CEO of James Talcott Inc., a commercial finance company. He completed his undergraduate studies with a B.A. at Williams College and earned his J.D. from the University of Pennsylvania Law School. Following his service in the U.S. Navy Reserves, he began practicing tax law.

Early career (1965–1990)

Silverman's professional journey started as an aide to Steve Ross during the establishment of Warner Communications. After obtaining a BA in Art History from Williams College in 1961 and a JD from the University of Pennsylvania in 1964, he transitioned from Ross’s team to join investment bank White, Weld & Company.

Throughout the late 1960s and 1970s, Silverman engaged in multiple entrepreneurial activities. In 1984, he became part of Reliance Group Holdings under corporate raider Saul Steinberg. Between 1986 and 1990, he held the positions of president and CEO at Spanish-language broadcaster Telemundo. While affiliated with Reliance, Silverman acquired Days Inn for $590 million and reportedly made $125 million in profit upon its resale.

In 1990, Silverman joined private equity firm Blackstone Group as a partner but departed amid legal disputes involving Prudential Insurance tied to a Steinberg-related transaction. The following year, he assumed leadership at Hospitality Franchise Systems—an investment overseen by Blackstone—and subsequently expanded it into what became Cendant Corporation.

Establishing Cendant Corporation (1991–2006)

Leveraging his experience with Days Inn, Silverman founded Hospitality Franchise Systems (HFS) under Blackstone’s umbrella, acquiring hotel franchises such as Ramada, Howard Johnson's, and repurchasing Days Inn for $290 million following its bankruptcy in 1991. HFS went public through an IPO in 1992.

During the 1990s, HFS experienced rapid expansion, with its share price climbing from $4 to $77 by 1998. That year, Silverman orchestrated a $14 billion merger with direct marketing company CUC, culminating in the creation of Cendant Corporation in December 1997. Silverman stepped aside from day-to-day management to serve as chairman while CUC CEO Walter Forbes assumed the CEO role.

In April 1998, Cendant revealed significant accounting fraud at CUC, marking one of the decade’s largest financial scandals. Following Forbes’s resignation, Silverman resumed leadership as CEO. Under his guidance, Cendant rebounded robustly, outperforming market expectations through the early 2000s.

Silverman's remuneration attracted scrutiny in 2004. His ten-year contract signed in 2002 included benefits such as healthcare coverage, office facilities, and travel privileges including access to a corporate aircraft and chauffeur services. His total compensation for 2003 was estimated at $60 million—comprising $14 million in salary and bonuses, $37 million in stock options, and approximately $4.6 million covering company-paid life insurance premiums.

In September 2006, Silverman spearheaded Cendant’s division into four separate entities: real estate brokerage firm Realogy (later sold to Apollo Global Management), travel distribution company Travelport (sold to The Blackstone Group), hospitality services provider Wyndham Worldwide, and car rental businesses consolidated under the renamed Avis Budget Group.

Professional trajectory since 2006

In February 2009, Silverman assumed the role of chief operating officer at Apollo Global Management, a private equity firm headquartered in New York.

By March 2012, he had taken on the position of Vice Chairman of Asset Management at Guggenheim Partners, where his primary responsibility was to drive growth within their investment management division.

Personal details

Silverman has entered into marriage three times. His first marriage was to Susan Anne Herson in 1965; together they had two children before their separation in 1977. The following year, 1978, he wed Nancy Ann Kraner, with whom he had one child; their marriage lasted three decades until their divorce in 2012. In 2009, Silverman established residence in a Manhattan apartment located at 15 Central Park West.

References

• Taking Henry Silverman Private. TIME, Apr. 19, 2007
• From the Law Office to the Boardroom. New York Times, January 20, 2002
• Cendant chief earned $61.1 million in 1998. New York Times, March 23, 1999
• Henry Silverman's Long Road Back. Business Week, February 28, 2000
• A Merger Made in Hell The inside story of the decade's dumbest deal. Business Week, November 9, 1998
• HFS Stands for Growth. TIME, Mar. 17, 1997