Perhaps, the only constant in my ownership of Ocwen (OCN) has been CEO Ronald Farris, so it is with great sadness that I see him announce his retirement. In retrospect, looking at all the accomplishments he has made in the past several years, from refinancing of corporate debt and the term loan, the divestiture of MSRs at above-market prices to deleverage, California and New York monitor saga, and many others, Ocwen could very well have not survived with someone else at the helm. While we’ve occasionally disagreed on approach, I’ve been extremely happy with his leadership. At 54 years of age, with 27 of those years spent at Ocwen, it is unlikely anyone knows the company any better. There are very few CEOs nowadays that have worked their way to the top from the ground up in a company. Ronald Farris is one of them.
Former PHH CEO Glen Messina, who actually left the firm last year as PHH (NYSE:PHH) reined in costs and shook up the executive leadership team, has been tapped to head Ocwen in his stead. While not troubled by that nomination, there will be big shoes to fill. Given that Ocwen is now in the later stages of its turnaround, it is unusual to see him exit so late in the story. Why not carry through to the end after the acquisition of PHH?
