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PHH Fires Chairman, CEO

James O. Egan elected chairman

June 19, 2009

By staff

Following a bitter battle between PHH Corp. executives and a group of shareholders, the company's chairman and the chief executive have been given the boot.

The parent of PHH Mortgage announced today that Terence W. Edwards stepped down as president and chief executive officer of PHH Corp. on Wednesday. Edwards will remain on as an advisor for six months.

In addition, PHH Corp. chairman A.B. Krongard has been replaced.

The two ousters came just one week after shareholders elected two new directors nominated by Pennant Capital Management LLC. Pennant had recently said PHH  was poorly managed under the leadership of Krongard and Edwards, while PHH raised questions about Pennant's board nominations.

James O. Egan was elected by the board as the new chairman of the Mt. Laurel, N.J.-based firm. Egan originally became a PHH director on March 30 and previously worked as a managing director for investment firm Investcorp International Inc.

PHH veteran George J. Kilroy has been appointed acting CEO and president while the board searches for a permanent replacement. Kilroy was president and CEO of the company's fleet management business, PHH Arval, and has been with PHH for 33 years.

Prospective candidates from both inside and outside the company are being considered as a permanent CEO replacement. No indication was given about the new incumbent's chances.
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