Three months ago, PHH Corp. unexpectedly announced that Glen Messina, the company’s president and CEO, would be stepping down this year after the company’s annual shareholder meeting.
At the time, PHH said Robert Crowl, who previously served as the company’s executive vice president and chief operating officer and as chief financial officer, will be taking over for Messina.
PHH’s shareholder meeting took place on Wednesday and Messina’s departure is now official, but Messina won’t be going far, at least not yet.
PHH disclosed the formal change in a filing with the Securities and Exchange Commission.
In its SEC filing, PHH said that Crowl assumed the roles of president and CEO on June 28, but said that Messina will be staying on at PHH as a “consultant” for at least nine months.
Crowl ascended fairly quickly through the ranks at PHH.
As stated above, Crowl served as the executive vice president and chief financial officer of the company from May 3, 2012 until March 29, 2017, when he was appointed executive vice president and chief operating officer.
And now, just three months later, Crowl is PHH’s president and CEO.
Prior to joining PHH, Crowl served as executive vice president and chief financial officer at Sun Bancorp, and its wholly owned subsidiary, Sun National Bank, from 2010 to 2012.
As for Messina, PHH announced that it reached a “consulting agreement” with its former CEO.
According to PHH’s SEC filing, Messina’s agreement stipulates that Messina will be required to (details taken directly from PHH’s filing):
- Support the company’s chief executive officer as requested to prepare for meetings with the company’s board, clients, stockholders, and employees
- Review materials for earnings calls
- Support strategic planning efforts
- Participate in internal company meetings to ensure effective transition of IT oversight activities and oversight of on-going regulatory matters
- Participate in meetings held by the company’s board or any committee thereof as requested by the chairman of the board
- Provide such other services as may be reasonably requested by the company
The agreement establishes that Messina will serve as a consultant for an initial term of nine months, and the agreement may be extended for an additional three months by mutual agreement between Messina and PHH.