Leadership Transitions Facilitate Cost
Reductions Consistent with Company’s Smaller Size and Scope
Robert Crowl Named COO; to Become President
and CEO on June 28, 2017, Succeeding Glen Messina
Michael Bogansky Named CFO
PHH Corporation (NYSE: PHH) ("PHH" or the "Company") today
announced changes to its leadership team as part of its previously
announced plan to reduce costs as the Company expects to become
smaller in size and scope resulting from its recently announced and
ongoing strategic transactions.
Robert Crowl, who has served as the Company’s Chief Financial
Officer since 2012, has been appointed Chief Operating Officer,
reporting to President and Chief Executive Officer Glen Messina.
Effective June 28, 2017, the date of the Company’s 2017 Annual
Meeting, Crowl will assume the role of President and Chief
Executive Officer of PHH Corporation and PHH Mortgage, and he will
stand for election as a Director at the Annual Meeting. Crowl will
succeed Messina, who will step down as President and Chief
Executive Officer and not stand for re-election as a Director.
Michael Bogansky, who previously served as Senior Vice President,
Controller, has been appointed Chief Financial Officer.
James Egan, Non-Executive Chairman of the Board of PHH, said
“Glen has led PHH with vision, decisiveness and integrity through
one of the most turbulent periods in the mortgage industry in
decades, overseeing a dramatic strategic transformation of the
Company that included the sale of the Fleet business, implementing
capital strategy initiatives to reduce unsecured debt levels and
return capital to shareholders, re-engineering our cost structure,
enhancing our risk and compliance programs, and implementing the
strategic review to maximize the value of our mortgage business. On
behalf of the Board and the entire PHH team, I would like to thank
Glen for his significant contributions and accomplishments over the
course of his five-year tenure with the Company.”
Egan continued, “Rob has been an invaluable partner to Glen and
the Board in executing our transformation and we are fortunate to
have an executive of his caliber available to step into the CEO and
Director roles.”
The Company also announced the following management changes:
- Kate Williamson, who currently serves
as Senior Vice President, Human Resources, will assume the role of
Senior Vice President and Chief Human Resources Officer, effective
June 30, 2017, succeeding Kathryn Ruggieri, who is leaving the
Company upon the effective date.
- Ian Hill, who currently serves as Vice
President, Information Technology Enterprise Services, will assume
the role of Senior Vice President and Chief Information Officer,
effective June 30, 2017, succeeding Gabriel Minton, who is leaving
the Company upon the effective date.
- William Brown, Senior Vice President
and General Counsel, Leith Kaplan, Chief Risk and Compliance
Officer, and Richard Bradfield, Senior Vice President, Financial
Institutions Group, are expected to remain with PHH until the end
of the year to support the continued execution of the Company’s
strategic actions. At the appropriate time, the Company will
announce additional leadership changes as necessary.
Egan said, “Mike, Kate and Ian have been key players in our
transformation and are well qualified to assume their new roles.
Kathryn and Gabe have made significant contributions to the Company
over the years and on behalf of the Board and the entire PHH team,
I would like to thank them for their dedication and service to PHH.
I would also like to thank Bill, Lee and Rich for their many
contributions to PHH and their continuing support of our strategic
actions for the remainder of the year.”
These management changes are expected to result in at least $5
million in savings on an annualized basis, and are consistent with
the Company’s previously announced plan to reduce total shared
services expenses to approximately $75 million in the second half
of 2018.
PHH remains focused on maximizing the return of cash to
shareholders by closing signed asset sales transactions as quickly
as possible, controlling business investments and expenses,
resolving legacy regulatory uncertainties, prudently winding down
its Private Label business, and maintaining flexibility for future
strategic actions.
Biographies
Robert Crowl joined PHH in 2012 as Executive Vice
President and Chief Financial Officer. Previously, he served as
Executive Vice President and Chief Financial Officer at Sun
Bancorp, Inc. and its wholly owned subsidiary, Sun National Bank.
He also spent more than a decade at National City Corporation. He
served as Executive Vice President and Chief Operating Officer of
National City Mortgage where he helped re-engineer the mortgage
division. Additionally, during his tenure at National City, he held
positions as Senior Vice President and Corporate Comptroller, and
Senior Vice President of Asset/Liability and Securitization
Manager. Mr. Crowl earned both a Bachelor of Arts degree and a MBA
from the University of Richmond.
Michael Bogansky has served as Senior Vice President and
Principal Accounting Officer of PHH since 2014. Mr. Bogansky joined
PHH in 2003 as Manager of Financial Reporting and has held roles of
increasing responsibility in the accounting and finance functions,
including serving as Vice President, Financial Reporting of PHH
Mortgage from 2009 to 2010 and serving as the Company's Vice
President and Assistant Controller from 2010 to 2012 and as the
Company's Vice President and Controller since 2012. Prior to
joining PHH in 2003, he served as a Senior Auditor with Deloitte
& Touche LLP. Mr. Bogansky earned a Bachelor of Science degree
in Accounting from York College of Pennsylvania.
Kate Williamson joined PHH in 2013 as Senior Vice
President, Human Resources and Managing Business Partner. Prior to
PHH, she served as Principal at Williamson Performance Partners,
LLC, a human resources consulting firm she founded. From 2002 to
2012, Ms. Williamson held roles of increasing responsibility at
Campbell Soup Company, including Director, Human Resources Business
Partner and Director, Organizational Change Management. From 1998
to 2002, she served as Director, Learning and Development at Cigna
Group Insurance. Ms. Williamson earned a Bachelor of Arts degree
from Rowan University and a Master of Science degree in Human
Resources Management from Rutgers University.
Ian Hill has served as Vice President, Enterprise
Services in the Company’s Information Technology department since
he started with PHH in 2016. He has spent over 30 years in the
technology industry including nine years at Aurora Bank FSB,
formerly known as Lehman Brothers Bank. He served as Senior Vice
President and Chief Information Officer as well as Vice President,
Engineering and Enterprise Support, Vice President, Database
Engineering and Business Intelligence, and Assistance Vice
President, Production Systems. Prior to Aurora Bank FSB, he held
Senior IT Consultant positions for a variety of companies,
including First Data and Merck & Co.
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a
leading provider of end-to-end mortgage solutions through its
subsidiary, PHH Mortgage. Its outsourcing model and proven
expertise, combined with a strong commitment to operational
excellence and customer service, has enabled PHH Mortgage to become
one of the largest non-bank originators and servicers of
residential mortgages in the United States. PHH Mortgage provides
mortgage solutions for the real estate market and financial
institutions, and offers home financing directly to consumers. For
additional information, please visit www.phh.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Generally, forward looking-statements are not
based on historical facts but instead represent only our current
beliefs regarding future events. All forward-looking statements
are, by their nature, subject to risks, uncertainties and other
factors that could cause actual results, performance or
achievements to differ materially from those expressed or implied
in such forward-looking statements. Investors are cautioned not to
place undue reliance on these forward-looking statements. Such
statements may be identified by words such as “expects,”
“anticipates,” “intends,” “projects,” “estimates,” “plans,” “may
increase,” “may fluctuate” and similar expressions or future or
conditional verbs such as “will,” “should,” “would,” “may” and
“could.”
You should understand that forward-looking statements are not
guarantees of performance or results and are preliminary in nature.
You should consider the areas of risk described under the heading
“Cautionary Note Regarding Forward-Looking Statements” and “Risk
Factors” in our periodic reports filed with the U.S. Securities and
Exchange Commission, including our most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, in connection with
any forward-looking statements that may be made by us or our
businesses generally. Such periodic reports are available in the
“Investors” section of our website at http://www.phh.com and are
also available at http://www.sec.gov. Except for our ongoing
obligations to disclose material information under the federal
securities laws, applicable stock exchange listing standards and
unless otherwise required by law, we undertake no obligation to
release publicly any updates or revisions to any forward-looking
statements or to report the occurrence or non-occurrence of
anticipated or unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20170330005626/en/
PHH CorporationInvestorsHugo Arias,
856-917-0108hugo.arias@phh.comorMediaDico Akseraylian,
856-917-0066dico.akseraylian@phh.com
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