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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) January 21, 1997
CUC International Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 1-10308 06-0918165
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
707 Summer Street
Stamford, Connecticut 06901
(Address of Principal Executive Offices) (Zip Code)
(203)324-9261
(Registrant's telephone number, including area code)
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS
On January 21, 1997, CUC International Inc. (the "Company")
announced changes in the senior management team of its software
division, CUC Software. Robert Davidson, chief executive officer
of CUC Software, and Janice Davidson, president of Davidson &
Associates, Inc., a subsidiary of the Company, are stepping down
from their day-to-day responsibilities, while Christopher McLeod,
a member of the office of the president and an executive vice
president of the Company, will become chief executive officer of
CUC Software. Mr. Davidson will remain a vice chairman and a
member of the board of directors of the Company, and Mrs.
Davidson will continue to advise the Company, assist in the
management transition and serve on the board of directors of the
Company.
The information set forth in the press release attached
hereto as Exhibit 99 is incorporated herein by reference in its
entirety.
ITEM 7. EXHIBITS
c. Exhibits
99. Press Release issued by CUC International Inc. on
January 21, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant had duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
CUC International Inc.
(Registrant)
Date: January 22, 1997 By: COSMO CORIGLIANO
Cosmo Corigliano - Senior Vice President
and Chief Financial Officer
(Principal Financial and Accounting
Officer)
EXHIBIT INDEX
Exhibit No. Page No.
99 Press Release issued by 5
CUC International Inc. on
January 21, 1997
CUC INTERNATIONAL INC. ANNOUNCES SENIOR
MANAGEMENT CHANGES IN SOFTWARE DIVISION
Stamford, CT - January 21, 1997 - CUC International Inc.
(NYSE: CU) announced today changes in the senior management team
of its software division. Robert Davidson, chief executive
officer of CUC Software, and Janice Davidson, president of
Davidson & Associates, are stepping down from their day-to-day
responsibilities to pursue other interests. Mr. Davidson will
remain a vice chairman and a member of the board of directors of
CUC International Inc. Mrs. Davidson will continue to work with
CUC in an advisory capacity for educational software development
and will assist in the management transition. Mrs. Davidson also
remains on CUC's board of directors.
Christopher McLeod, a member of the office of the president
and executive vice president of CUC International Inc., will
become chief executive officer of CUC Software. In this new
role, Mr. McLeod will be responsible for the overall management
of the software division, which includes Davidson, Blizzard
Entertainment, and Sierra On-Line. In addition to running CUC's
software division, Mr. McLeod will oversee the day-to-day
operations of Davidson & Associates. During his 13 years at CUC,
Mr. McLeod has successfully held many senior management
positions, including president of CUC's Comp-U-Card division from
1988 to 1995. Most recently, he has been in charge of CUC's
international division, which has experienced rapid growth during
his tenure.
Working closely with Mr. McLeod will be the senior
management team of CUC Software, including Michael Brochu,
executive vice president of CUC Software and president of Sierra
On-Line; Allen Adham, president of Blizzard Entertainment; Todd
Coyle, senior vice president of consumer products for CUC
Software; and Jacques Allewaert, chief financial officer of CUC
Software.
The company also announced that Kenneth Williams, a vice
chairman of CUC International, a member of the office of the
president and co-founder of Sierra On-Line, will expand his
responsibilities and will now be actively involved in the
development of CUC's interactive business. Mr. Williams will
also continue to provide strategic direction for Sierra On-Line.
Walter A. Forbes, chairman and chief executive officer of
CUC International, stated, "Bob and Jan Davidson have done an
outstanding job building the Davidson educational and
entertainment software franchise. While their perspective will
be missed on a daily basis, the talented team we have in place is
more than able to take advantage of our many opportunities in the
software and interactive marketplace. We wish the Davidsons
success in their pursuit of other interests."
Mr. Forbes continued, "Our software division continues to
perform well, with strong gains in market share since we
completed the acquisitions of Davidson and Sierra On-Line last
July. According to the most recently available PC Data
statistics, we have the number one market position in both
educational and entertainment software. Our leadership position
reflects the strength and depth of our management team and our
talented software developers."
The company also stated that Mr. McLeod's divisional
responsibilities have been reassigned. Robert Sarkie, president
of CUC's Entertainment Publications, Inc. subsidiary will broaden
his responsibilities to include Welcome Wagon International, Inc.
and Getko Group, Inc. (Getting To Know You). Anthony Menchaca,
president of the Comp-U-Card division, will assume responsibility
for North American Outdoor Group, Inc.
CUC International Inc. is a leading technology-driven,
membership-based consumer services company that provides more
than 63.8 million consumers worldwide with access to home
shopping, travel, insurance, automobile, dining, home
improvement, lifestyle clubs, checking account enhancement, and
discount coupon programs. The company also provides educational
and entertainment interactive media products.
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