This excerpt taken from the CAR DEF 14A filed Jul 26, 2006.
The Separation Committee is comprised of Messrs. Pittman and Edelman and Ms. Rosenberg (the Separation Committee). After preliminary approving the Separation Plan, the Board established the Separation Committee to assist with and oversee the separation process. Since October 23, 2005, the Board and the Separation Committee met numerous times to discuss the separation with and without members of the Companys senior management team. In these meetings, the Board and the Separation Committee considered, among other things, the benefits to the businesses and to the Companys stockholders that are expected to result from the separation, the capital allocation strategies and dividend policies for the separated companies, the allocation of the Companys existing assets, liabilities and businesses among the separated companies, the terms of certain commercial relationships among the separated companies that will exist following the separation, the corporate governance arrangements that will be in place at each company following the separation, and the appropriate members of senior management at each company following the separation. The Separation Committee is not expected to continue to exist following completion of the Separation Plan.