Ocwen Appoints Interim CEO Ahead of PHH Acquisition

Ocwen Financial Corporation (NYSE: OCN) has appointed an interim chief executive officer ahead of its planned acquisition of PHH Corp. (NYSE: PHH).

John V. Britti, who currently serves as the West Palm Beach, Fla.-based servicer and originator’s executive vice president and chief investment officer, will assume the top spot on an interim basis effective July 1, Ocwen announced late Monday night. 

Ocwen originates reverse mortgages through its Liberty Home Equity Solutions arm.

Britti will succeed Ron Faris, who’s set to retire at the end of this month, and his term will last only until the company’s $360 million acquisition of PHH is finalized. Ocwen’s management expected that deal to close sometime in the second half of the year when the company announced the deal back in February; former PHH president and CEO Glen Messina will then assume the role of permanent Ocwen chief executive.

Britti will continue to hold his existing titles of executive vice president and CIO while serving as interim CEO.

Faris isn’t the only Ocwen executive stepping down this month: CFO Michael Bourque departed for a position at another financial services company on June 22.

Written by Alex Spanko

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