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PHH Corp., the largest non-bank lender, abruptly replaced chief executive officer Jerome Selitto with chief operating officer Glen A. Messina on Wednesday, weeks after a failed bond offering and an S&P downgrade.
January 4
PHH Corp. has put its president and CEO in charge of its mortgage subsidiary, the unit's fourth top executive in two years.
Glen A. Messina, PHH's current president and CEO, has taken over the additional roles of president and CEO of PHH Mortgage, the company announced Thursday in a regulatory filing.
The company gave no reason for the change, but it comes three weeks after PHH completed the sale of its fleet management business, PHH Arval, to Element Financial Corp. for $1.4 billion in cash. Since PHH is now a pure-play mortgage company, it made sense to have just one executive running the business, industry sources said. PHH did not return calls seeking comment.
David Tucker, who had been president and CEO of PHH mortgage, "will remain employed" as an executive vice president with the mortgage company through January, the company said in a filing with the Securities and Exchange Commission. Richard Bradfield, a senior vice president and treasurer at PHH, was named PHH's general manager of financial institutions.
PHH has had significant turnover in its management ranks since Messina joined the company as chief operating officer in mid-2011. Messina, a former General Electric executive, became CEO in early 2012 after the Mount Laurel, N.J., company ousted former CEO Jerry Selitto.
Last week, PHH's mortgage unit got slammed by a jury verdict that
