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PHH Corporation Announces Changes To Board Of Directors

PHH Corporation (NYSE: PHH) (“PHH” or the “Company”) today announced the appointment of Charles P. Pizzi, former President and CEO of Tasty Baking Company and recently retired Chairman of the Federal Reserve Bank of Philadelphia, to its Board of Directors, effective January 26, 2012. In addition, James W. Brinkley, a director since January 31, 2005, has informed the Board of Directors of his intention to retire from the Board as of June 30, 2012.

Jim Egan, Non-Executive Chairman of the Board of PHH, said, “We are very pleased to announce the appointment of Charlie Pizzi to our Board. He is a highly regarded business leader who brings more than 30 years of experience to the PHH Board of Directors. His perspectives and skills in organizational development and business strategy will be invaluable to PHH as we build on the market leadership positions of our businesses.”

Mr. Pizzi will serve as a Class III director and as a member of the Board’s Human Capital and Compensation Committee.

Mr. Brinkley, 74, has served on the PHH Board since the spin-off of PHH from Cendant Corporation in 2005, and has served on the Corporate Governance and Human Capital and Compensation Committees.

Mr. Egan continued, “The Board joins me in thanking Jim Brinkley for the very significant contributions he has made to the Board and to PHH. His management and leadership experience was an invaluable guide during a critical time in the development of our company. His wisdom and sound business judgment helped PHH maintain its industry leadership position in both its fleet and mortgage businesses during some very difficult and challenging economic times. We are extremely grateful to Jim for all that he has done and wish him the very best.”

Background on Charles P. Pizzi

Mr. Pizzi, 61, was a member of the Board of Directors of the Federal Reserve Bank of Philadelphia from 2006 through 2011 and served as its Chairman from 2010 through 2011. He served as the President and Chief Executive Officer of Tasty Baking Company from 2002 until its merger with Flowers Foods, Inc. in 2011. While at Tasty Baking Company, Mr. Pizzi transformed the company into the world’s largest “green” bakery and was awarded the 2010 Baker of the Year Award. From 1989 to 2002, Mr. Pizzi was the President and Chief Executive Officer of the Greater Philadelphia Chamber of Commerce, where he tripled the revenues of the Chamber during his 14-year tenure. Mr. Pizzi currently serves on the boards of Brandywine Realty Trust (NYSE: BDN), Allied Barton Security Services, Independence Blue Cross and FS Energy and Power Fund. Mr. Pizzi holds a B.S. in Business Administration from LaSalle University and an M.S. from the University of Pennsylvania.

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