The departure of
PHH Corp.’s chief executive officer of five years is among several management changes disclosed as the company cuts costs.
Glen Messina was
promoted in 2012 from chief operating officer to president and CEO of the Mount Laurel, New Jersey-based organization.
Messina had been with the company since July 2011 and has overseen
PHH’s transformation from a multi-business organization to a mortgage-only business.
More recently, the company has been shedding its mortgage assets.
On Thursday, PHH announced that Messina will step down as president and CEO on June 28. He’ll also give up his seat on the board of directors.
“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,” PHH Chairman James Egan said in the today’s announcement. “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.”
Taking over the CEO and president job from Messina will be Robert Crowl, who has been CFO since 2012. Crowl has already been appointed chief operating officer.
Crowl previously was CFO at Sun Bancorp and
spent more than a decade at National City Corp. where he was COO of National City Mortgage.
Stepping in as CFO
will be Michael Bogansky, who was promoted from controller.
PHH also disclosed the appointment of Kate Williamson to chief human resources officer and Ian Hill to chief information officer. Both will assume the new roles on June 30.
Five other executives will leave the company between mid-year and year-end.
The moves are part of a previously announced plan to reduce costs as PHH becomes smaller in size and scope. More executive changes will be subsequently announced.
At least $5 million in annual savings are expected from the changes.
“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,” the statement said.
