Ocwen Financial Corporation, a leading financial services holding company, announced on Thursday that President and CEO Ron Faris is retiring after 27 years with the company. Faris will remain President and CEO through June 30, 2018 and will remain a consultant to the company to "ensure a smooth leadership transition and to assist with the integration process for Ocwen’s pending combination with PHH."
“We thank Ron for his leadership and for all of his contributions over the years,” said Phyllis Caldwell, Chair of Ocwen’s Board. “As President and CEO, Ron guided Ocwen through a period of significant change, both in the mortgage industry and at our Company. Ron redesigned the way we conduct business and, because of Ron’s leadership, we are strategically positioned to move forward into the future through our pending merger with PHH.”
Ocwen's Board of Directors has appointed Glen A. Messina as President and CEO, effective concurrently with the closing of Ocwen’s previously announced acquisition of PHH Corporation. He will also be appointed as a member of Ocwen’s Board at that time. Messina will be based at Ocwen’s West Palm Beach, Florida corporate headquarters.
Messina was most recently President and CEO of PHH before stepping down in June 2017. Ocwen entered into a definitive agreement to acquire PHH in February 2018. The transaction is targeted to close in the second half of 2018.
“We are very pleased that Glen Messina has decided to join Ocwen as our new President and CEO,” Caldwell said. “Glen is one of the recognized leaders in the mortgage industry and his disciplined approach to top and bottom line results in his previous roles is widely respected. He also has a successful record of bringing together strong teams to strategically build stability and structure across an enterprise. Glen’s significant experience leading change as a public company CEO and his deep understanding of PHH will help accelerate Ocwen’s transformation.”
“I am extremely excited to join Ocwen at this important time for the Company,” Messina said. “I believe Ocwen’s pending combination with PHH will create a stronger, more efficient mortgage servicer, positioned for a return to growth. I believe the merger with PHH, combined with the major overhaul that Ocwen has undertaken in recent years of its risk and compliance infrastructure, will mark the beginning of a new chapter in the Company’s history. I look forward to partnering with all team members to help Ocwen continue as a leading mortgage servicer that delivers significant benefits to consumers, employees, clients, and investors.”