MT. LAUREL, N.J.--(BUSINESS WIRE)--Jun. 19, 2009--
PHH Corporation (NYSE: PHH) today announced the appointment of George J.
Kilroy as Acting Chief Executive Officer and President of PHH
Corporation, and James O. Egan as Chairman of the Board of Directors.
Both appointments were effective June 17, 2009.
Mr. Kilroy, a 33 year veteran of the Company, has served as President
and Chief Executive Officer of PHH Arval, the Company’s fleet management
services business, since March 2001. He succeeds Terence W. Edwards, who
has stepped down as President and Chief Executive Officer of the
Company, effective June 17, and will serve as an Advisor to the Company
for up to six months to ensure a smooth leadership transition. The Board
is commencing a search for a permanent President and Chief Executive
Officer which will include internal and external candidates.
Mr. Kilroy said: “I am looking forward to working with the Board to
drive the Company’s growth and enhance its profitability. In my new
role, I will work closely with Mark Danahy, who heads PHH Mortgage,
Thomas Keilty, who currently serves as Chief Operating Officer of PHH
Arval, and the entire PHH management team. We at PHH are fortunate to
have outstanding people, strong customer relationships and solid value
propositions in each of our two primary businesses. We have positive
momentum in our businesses and, as markets continue to recover, we see
excellent opportunities to strengthen our position.”
Mr. Egan joined the Board of PHH Corporation on March 30, 2009, and was
reelected by the shareholders on June 12, 2009, to serve as Class I
Director for a three-year term. He was previously a Managing Director of
Investcorp International, Inc., an alternative asset management firm
specializing in private equity, hedge fund offerings, and real estate
and technology investments, from 1998 through 2008.
Mr. Egan said: “We are very pleased that George Kilroy has agreed to
take on an expanded role at the Company by serving as Acting Chief
Executive Officer and President. He is a highly accomplished executive
with a thorough understanding of the company’s businesses, and his
appointment will ensure that PHH maintains its focus on providing
superior customer service while profitably growing the business to build
“We greatly appreciate and value the numerous contributions Terry
Edwards has made during his nearly 30 years with PHH,” Mr. Egan
continued. “We are grateful that he will remain involved during this
transition, and that he will be working closely with George to ensure
continuity for our customers, employees and business partners.”
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading
outsource provider of mortgage and vehicle fleet management services.
Its subsidiary, PHH Mortgage, is one of the top five retail originators
of residential mortgages in the United States.1 Its
subsidiary, PHH Arval, is a leading fleet management services provider
in the United States and Canada. For additional information about the
company and its subsidiaries, please visit www.phh.com.
1 Inside Mortgage Finance, Copyright 2009
Source: PHH Corporation
Nancy R. Kyle
Vice President, Investor