PHH Corporation Names Chief Operating Officer Glen Messina to Lead Mortgage and Fleet Operations

MOUNT LAUREL, N.J., Jun 30, 2011 (BUSINESS WIRE) -- PHH Corporation /quotes/zigman/365007/quotes/nls/phh PHH -2.08% today announced that Glen A. Messina, 49, has been named Chief Operating Officer, effective July 13, 2011. In this new role, Messina will have responsibility for PHH's two business units -- Mortgage and Fleet Management -- and will report to Jerry Selitto, President and Chief Executive Officer. Luke Hayden, President of PHH Mortgage, George Kilroy, President of PHH Arval, Jeff Bell, Senior Vice President and Chief Information Officer, and Milton Prime, Senior Vice President, will report to Messina. 

Commenting on the appointment, Selitto said, "Given the level of activity at both federal and state levels, it is apparent that broad regulatory change will continue to occur in the foreseeable future, as well as significant change in the secondary mortgage market. Industry changes create new opportunities; it is imperative that PHH continue to adapt in this new environment and exploit the opportunities to profitably grow our Mortgage and Fleet businesses and enhance shareholder value. To best enable PHH to stay ahead of these changes and continue our market share growth, we have created the new position of COO. 

"Going forward, a key focus of Glen and the business unit management teams will be operational excellence, exceptional customer service and evolving our business models, processes and technologies to address the continuous change in our industries. Glen brings an outstanding track record of successful management and financial leadership to PHH, and he has a proven ability to grow businesses in a number of industries, including mortgage and equipment leasing. With Glen on board, I will be able to devote more of my time to the future strategic direction and market share growth opportunities of both of our businesses, as well as partnerships and broader business relationships, the ever-changing regulatory environment, the continued diversification of our funding, and the delivery of attractive, sustainable returns to our shareholders." 

Messina joins PHH with more than 25 years of management experience, including the past 17 years at General Electric Company (GE). Most recently, he served as Chief Executive Officer of GE Chemical and Monitoring Solutions, a global water and process specialty chemicals services business, with 3,000 employees in more than 100 countries. His previous leadership roles at GE included Chief Financial Officer of the company's $6.9 billion equipment services business, and CEO and earlier CFO of GE's mortgage services business, which was one of the top ten mortgage lenders in the United States. He earned a BS in Marketing from Ramapo College, and an MBA in Finance from Fairleigh Dickinson University. 

"PHH is an established leader in both the Mortgage and Fleet industries, with unique business franchises that each present tremendous opportunities," said Messina. "I look forward to working with Jerry and the team to seize those opportunities, by building on recent successes in process improvement to further drive business growth and excellent customer satisfaction at reduced cost." 

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), and 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 the Company's website at www.phh.com .