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PHH Corporation (NYSE: PHH) (“PHH”) announced today that its board of directors has elected Glen A. Messina, President and Chief Executive Officer, effective immediately. Mr. Messina has also been elected to the board of directors as a Class III director. Mr. Messina has been the company’s Chief Operating Officer since joining the company in July 2011.
Mr. Messina succeeds Jerome Selitto, who has resigned as President and Chief Executive Officer, effective immediately.
“We are delighted to name Glen Messina as our President and CEO,” said Jim Egan, Chairman of the PHH Corporation Board of Directors. “The prolonged uncertainty and volatility in the global economy and capital markets, along with a U.S. housing market that remains challenging, requires an emphasis on liquidity and cash generation over growth in the near term. The board unanimously believes that Glen is the ideal executive with the right experience to lead PHH as we focus on these priorities.
“Over the course of his career, Glen has developed broad and deep management experience. He has led, or held key management roles in, large, complex organizations and has direct experience in mortgage and fleet management. Glen has a solid record of helping drive shareholder value. He joined the company this past July with the mandate to focus on operational excellence, exceptional customer service and evolve our business models, processes and technologies to address the continuous change in our industries. The board has worked closely with Glen and we are impressed with all that he has accomplished as our chief operating officer in just a short time.”
“I am pleased to accept these new roles, and am excited about the strong prospects for PHH,” said Mr. Messina. “We are a leading provider of business process management services for the mortgage and fleet industries. We have the strength to weather the current economic turbulence, and the vigor to resume our growth when the economy and capital markets improve. I look forward to continuing to work with the management team and our employees to capitalize on the opportunities before us, realize our true potential and increase shareholder value.”