WEST PALM BEACH, Fla., April 19, 2018 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today announced that its Board of Directors has determined to appoint Glen A. Messina as President and Chief Executive Officer, effective concurrently with the closing of Ocwen’s previously announced acquisition of PHH Corporation (NYSE:PHH) (“PHH”). He will also be appointed as a member of Ocwen’s Board at that time. Mr. Messina will be based at Ocwen’s West Palm Beach, Florida corporate headquarters.

Mr. Messina most recently served as President and CEO of PHH, a mortgage platform with established servicing and origination recapture capabilities, before stepping down in June 2017. Ocwen entered into a definitive agreement to acquire PHH in February 2018. The transaction is targeted to close in the second half of 2018.

Mr. Messina will succeed Ron Faris, who after 27 years with Ocwen, made the decision to retire as President and CEO after discussions with the Board. Mr. Faris will remain President and CEO through June 30, 2018. He will not stand for reelection as a member of the Board at the Company’s May 2018 Annual Meeting. Mr. Faris will remain a consultant to the Company to ensure a smooth leadership transition and to assist with the integration process for Ocwen’s pending combination with PHH.

“We thank Ron for his leadership and for all of his contributions over the years,” said Phyllis Caldwell, Chair of Ocwen’s Board. “As President and CEO, Ron guided Ocwen through a period of significant change, both in the mortgage industry and at our Company. Ron redesigned the way we conduct business and, because of Ron’s leadership, we are strategically positioned to move forward into the future through our pending merger with PHH.”

The Board’s long-term succession planning process culminated in the Board decision to name Mr. Messina as President and CEO.

“We are very pleased that Glen Messina has decided to join Ocwen as our new President and CEO,” commented Ms. Caldwell. “Glen is one of the recognized leaders in the mortgage industry and his disciplined approach to top and bottom line results in his previous roles is widely respected. He also has a successful record of bringing together strong teams to strategically build stability and structure across an enterprise. Glen’s significant experience leading change as a public company CEO and his deep understanding of PHH will help accelerate Ocwen’s transformation.”

“I am extremely excited to join Ocwen at this important time for the Company,” commented Glen Messina. “I believe Ocwen’s pending combination with PHH will create a stronger, more efficient mortgage servicer, positioned for a return to growth. I believe the merger with PHH, combined with the major overhaul that Ocwen has undertaken in recent years of its risk and compliance infrastructure, will mark the beginning of a new chapter in the Company’s history. I look forward to partnering with all team members to help Ocwen continue as a leading mortgage servicer that delivers significant benefits to consumers, employees, clients, and investors.”

Glen A. Messina Background

Mr. Messina most recently served as the President and Chief Executive Officer of PHH from January 2012 to June 2017 and Chief Operating Officer of PHH from July 2011 to December 2011. Mr. Messina also served as a director of PHH from January 2012 to June 2017 and as a consultant to PHH through March 2018. Prior to joining PHH, Mr. Messina spent 17 years at General Electric Company (“GE”) most recently as Chief Executive Officer of GE Chemical and Monitoring Solutions, a global water and process specialty chemicals services business, from 2008 until July 2011.

In the event the Board determines it appropriate, the Board may appoint an interim CEO on or before June 30, 2018 to serve until Mr. Messina assumes his role.

On February 27, 2018, Ocwen entered into a definitive agreement to acquire PHH, a mortgage platform with established servicing and origination recapture capabilities. On a combined basis, as of December 31, 2017, the company would service 1.9 million loans with an unpaid principal balance of $328 billion and originate over $3 billion of residential mortgage loans, including reverse mortgages, annually. The acquisition is subject to various closing conditions, including PHH shareholder approval and regulatory and other approvals, and is targeted to close in the second half of 2018.

About Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, originates and services loans. We are headquartered in West Palm Beach, Florida, with offices throughout the United States and in the U.S. Virgin Islands as well as operations in India and the Philippines. We have been serving our customers since 1988. We may post information that is important to investors on our website (www.Ocwen.com).