PHH is shaking up its leadership team with the departure of CEO Glen Messina. The company said the shake-up was part of its plan to shrink its workforce and reduce costs to redirect its focus on a smaller scope, according to a news release.
Former CFO Robert Crowl has been appointed COO, and beginning June 28 will be the new president and CEO of PHH Corporation and PHH Mortgage. He will succeed Messina while Michael Bogansky, former senior vice president, controller, will succeed Crowl as CFO.
“Rob has been an invaluable partner to Glen and the board in executing our transformation and we are fortunate to have an executive of his caliber available to step into the CEO and director roles,” said James Egan, non-executive chairman of the board of PHH.
The leadership change is just the latest in a round of shake-ups for the mortgage company. In December, PHH pink-slipped 91 employees. That round of layoffs was followed by the announcement that 69 more employees would get their walking papers by July.
The company expects to save at least $5 million from the changes and plans on cutting down shared services expenses to roughly $75 million in the latter half of 2018.
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