Yesterday, PHH Corporation (NYSE: PHH) filed an 8-K disclosing Jerome Selitto's (CEO and director since Oct-09) resignation from the company on 3-Jan-11. This departure adds to the growing number of executive suite and board changes for PHH as there have been 4 CEOs, 3 CFOs, and 7 director departures since 2008.
In Jun-09, Terence Edwards (CEO since Feb-05) stepped down as CEO and was replaced on an interim basis by George Kilroy. Kilroy later departed from the position in Oct-09 upon the appointment of Selitto as permanent CEO. Most recently, PHH named Glen Messina (COO since Jul-11) as Selitto’s successor.
The CFO position has also exhibited similar instability with 3 CFOs since 2008. Clair Raubenstine (CFO since Feb-06) stepped down in Oct-08. He was replaced by Sandra Bell. Bell left the company in Mar-11 to pursue other opportunities. She was replaced by David Coles, who is currently serving in the position as interim.
In addition to his resignation as CEO, Selitto’s departure from the board will come as the company’s seventh director departure since early 2009.
Here is the press release on the CEO resignation.