PHH Corp. shareholder Pennant Capital pushes for board representation, review of alternatives

By Lisa Kerner

Charlotte, N.C., Nov. 25 - PHH Corp. investors led by Pennant Capital Management LLC proposed the company immediately add Greg Parseghian, a former chief executive officer of Freddie Mac, to its board of directors.

Pennant, a 9.97% shareholder, also proposed that PHH's board form a special committee of non-management directors, which would include Parseghian, to review strategic alternatives for the company.

According to a schedule 13D/A filed with the Securities and Exchange Commission, Pennant said if the board fails to adopt its suggestions, the investor will "actively consider all available steps to ensure that the board refocuses senior management on the immediate and pressing task of turning the company around and creating shareholder value."

PHH is an outsource provider of mortgage and vehicle fleet management services.

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