There’s a lot going on over at PHH these days. In addition to mounting an expensive – and so far successful – challenge to the constitutionality of the CFPB in federal court, laying off staff, and downsizing and refocusing its business as the result of heavy financial losses, the company announced a major leadership shakeup last week, with hints of more to come.
President and CEO Glen Messina will be stepping down on June 28, the date of the company’s annual meeting. He will be replaced by CFO Robert Crowl, who will also stand for election as a director. Messina will not stand for re-election as a director, according to a statement from the company.
In the interim, Crowl has been appointed COO and will continue to report to Messina. Senior Vice President and Controller Michael Bogansky has been appointed to replace Crowl as CFO.
“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, James Egan, non-executive chairman of the board of PHH,” said in a statement. “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.”
PHH also announced the following management changes:
- Kate Williamson, currently senior vice president of human resources, will assume the role of senior vice president and chief human resources officer, succeeding Kathryn Ruggieri, who is leaving the company.
- Ian Hill, currently vice president of information technology enterprise services, will assume the role of senior vice president and CIO, succeeding Gabriel Minton, who is leaving the company.
- William Brown, senior vice president and general counsel; Leith Kaplan, chief risk and compliance officer; and Richard Bradfield, senior vice president of the 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,” according to the statement.
Furthermore, the company said that “at the appropriate time, [it] will announce additional leadership changes as necessary.”
