The chief investment officer of Ocwen Financial Corp. will temporarily take the reins from the company’s departing chief executive officer as Ocwen 2.0 is assembled.
In April, the West Palm Beach, Florida-based company disclosed that its president and CEO, Ronald M. Faris, will retire on June 30.
Ocwen explained that the Glen Messina, the former president and CEO of PHH Corp. — which Ocwen  is in the process of acquiring — will replace Faris.
But Messina doesn’t start his new job until the acquisition of PHH is completed some time in the second half of this year.
So on Tuesday, Ocwen disclosed that its executive vice president and chief investment officer — John V. Britti — will serve as interim CEO.
Britti originally joined Ocwen in 2011 as chief financial officer. In May 2014, he was promoted to CIO.
Before his tenure at Ocwen, Britti worked twice at Freddie Mac for a total of nearly six years, among several other employers, and also hung his hat at Capital One for two years.
Britti will continue in his role as CIO even has he shoulders the CEO responsibilities. Ocwen’s compensation committee will subsequently determine the appropriate compensation for Britti during this time of dual responsibilities.
