Wyndham Worldwide Corporation Announces $500 Million Increase in Share Repurchase Program
Wyndham Worldwide Corporation (NYSE: WYN) announced today that its Board of Directors increased the Company's share repurchase authorization by $500 million. The Board also declared a regular quarterly cash dividend of $0.15 per share on its common stock payable September 9, 2011 to shareholders of record as of August 25, 2011.
"The significant increase in our share repurchase authorization reflects our confidence in the sustainability of our business model and free cash flow generation," said Stephen P. Holmes, chairman and CEO Wyndham Worldwide. "We remain committed to a disciplined capital deployment strategy to drive value for our shareholders through dividends, strategic acquisitions, and share repurchase. The Board's increase of the authorization ensures we have ample capacity to continue to execute that capital deployment strategy."
