Will Succeed Leith Kaplan and Assume the Role of Chief Risk and
Compliance Officer Effective January 1, 2018
Leadership Changes Consistent with Previously Announced Management
Transition Plans
Company Website:
http://www.phh.com
MOUNT LAUREL, N.J. -- (Business Wire)
PHH Corporation (NYSE: PHH) ("PHH" or the "Company") today announced
that Albert Celini has joined the Company as Senior Vice President, Risk
and Compliance. Celini will succeed Leith Kaplan and assume the role of
Chief Risk and Compliance Officer of PHH Corporation, effective January
1, 2018. Kaplan, who has served as the Company’s Chief Risk and
Compliance Officer since 2014, will continue to serve in this role
through December 31, 2017. Celini will report to President and CEO
Robert Crowl.
The Company announced on March 30, 2017 certain management changes it
expects to make prior to the end of 2017. These changes are part of its
previously announced plan to reduce costs as the Company transitions to
a business focused on mortgage subservicing and portfolio retention
services.
Robert B. Crowl, President and CEO of PHH Corporation, said, “As we
execute against our key priorities and transition our business, we
remain focused on compliance and enterprise risk management as
fundamental components of our business strategy. Al’s proven track
record and extensive experience in this field, combined with his
background working in the mortgage and financial industries, make him a
strong fit for the role and PHH. We are pleased to have him on board and
look forward to his leadership and insight as part of our management
team.”
Crowl added, “During his tenure as Chief Risk and Compliance Officer,
and prior to that as Chief Ethics and Compliance Officer, Lee was
critical in our ability to navigate an evolving and complex regulatory
climate through the development and implementation of a robust risk and
compliance structure built to safety and soundness standards, as well as
enhancing a number of our core internal processes. In addition, he and
his team have been instrumental in building a strong culture in which
all employees understand the importance of managing risk and always
operating in a compliant and responsible manner. I would like to thank
Lee for his significant contributions to PHH for the past 12 years and
wish him all the best in the future.”
About Albert J. Celini
Albert Celini most recently was a Risk Management Consultant with
Newbold Advisors LLC, a professional services firm, and Common
Securitizations LLC, a joint venture between Fannie Mae and Freddie Mac,
helping organizations implement comprehensive risk, compliance and
regulatory solutions. He previously served as Executive Vice President
and Chief Risk Officer of Sun National Bank where he was responsible for
the development, execution and oversight of the Bank’s enterprise risk
management framework. Prior to his role at Sun National Bank, Celini
served as Vice President, Single Family Regulatory Affairs and Strategy
at Freddie Mac, and spent nearly a decade at Ally Bank (formerly GMAC
Bank) serving as its founding Chief Financial Officer, Chief Risk
Officer and Director of Lending Development. During that time, he
oversaw the Bank’s finance, risk management, regulatory governance and
prime asset growth activities as the Bank grew from its de novo start-up
to maturity. Before joining Ally Bank, Celini spent 12 years at
Citigroup as a Financial Controller and began his career at Arthur
Andersen.
About PHH Corporation
PHH Corporation (NYSE: PHH), through its subsidiary PHH Mortgage, is one
of the largest subservicers of residential mortgages in the United
States. PHH Mortgage provides servicing and portfolio retention
solutions to investors of mortgage servicing rights, financial and
wealth management institutions, regional and community banks, and credit
unions. Headquartered in Mount Laurel, New Jersey, the Company has been
providing mortgage lending and servicing solutions since 1984 and is
dedicated to responsible and ethical practices while delivering an
exceptional customer experience. For additional information, please
visit www.phh.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Generally, forward looking-statements are not based on historical
facts but instead represent only our current beliefs regarding future
events. All forward-looking statements are, by their nature, subject to
risks, uncertainties and other factors that could cause actual results,
performance or achievements to differ materially from those expressed or
implied in such forward-looking statements. Investors are cautioned not
to place undue reliance on these forward-looking statements. Such
statements may be identified by words such as “expects,” “anticipates,”
“intends,” “projects,” “estimates,” “plans,” “may increase,” “may
fluctuate” and similar expressions or future or conditional verbs such
as “will,” “should,” “would,” “may” and “could.”
You should understand that forward-looking statements are not guarantees
of performance or results and are preliminary in nature. You should
consider the areas of risk described under the heading “Cautionary Note
Regarding Forward-Looking Statements” and “Risk Factors” in our periodic
reports filed with the U.S. Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, in connection with any forward-looking statements
that may be made by us or our businesses generally. Such periodic
reports are available in the “Investors” section of our website at http://www.phh.com
and are also available at http://www.sec.gov. Except
for our ongoing obligations to disclose material information under the
federal securities laws, applicable stock exchange listing standards and
unless otherwise required by law, we undertake no obligation to release
publicly any updates or revisions to any forward-looking statements or
to report the occurrence or non-occurrence of anticipated or
unanticipated events.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171120005512/en/
Contacts:
PHH Corporation
Investors
Hugo Arias, 856-917-0108
hugo.arias@phh.com
or
Media
Dico
Akseraylian, 856-917-0066
dico.akseraylian@phh.com
Source: PHH Corporation
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