PHH shareholder seeks board representation

By Lisa Kerner

Charlotte, N.C., March 9 - PHH Corp. investors led by Pennant Capital Management LLC intend to nominate Allan Loren and Greg Parseghian for election as directors at the company's 2009 annual meeting of stockholders, according to a schedule 13D/A filed with the Securities and Exchange Commission.

Loren is the former chairman of Dun & Bradstreet Corp. and Parseghian is the former chief executive officer of Freddie Mac.

Pennant, a 9.97% shareholder, said in the filing that it believes that PHH's current depressed market valuation reflects a dim view of the company's stewardship by its board.

In November, Pennant wanted PHH to add Parseghian to its board and to form a special committee, which would include Parseghian, to review strategic alternatives for the company.

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

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