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PHH's director nominees receive support of three proxy advisory firms
By Lisa Kerner
Charlotte, N.C., June 5 - Proxy Governance, Inc., along with RiskMetrics Group/ISS and Glass, Lewis & Co., recommended that PHH Corp. shareholders vote for the company's director nominees on Wednesday, PHH said in an open letter to shareholders on Friday.
PHH said its slate includes board chairman A.B. Krongard, president and chief executive officer Terence W. Edwards and audit committee chair James O. Egan.
The company urged shareholders to discard any gold proxy cards sent by dissident shareholder Pennant Capital and to revoke any proxies they may have already given to Pennant.
Pennant is contesting the candidacies of Krongard and Edwards and nominated Allan Loren and Greg Parseghian for election.
Loren is the former chairman of Dun & Bradstreet Corp., and Parseghian is the former CEO of Freddie Mac, according to Pennant.
As previously reported, Pennant has expressed concern about PHH's ability to refinance its unsecured credit facility that comes due in approximately 18 months.
According to Pennant, there was nearly $1 billion drawn on the facility as of March 31.
PHH also announced that RiskMetrics is now recommending PHH shareholders vote in favor of all the company's proposals at the meeting.
In addition to electing PHH's nominees, the proxy advisory firm recommended that shareholders ratify the selection of the registered public accounting firm for 2009, approve the company's amended and restated 2005 equity and incentive plan and approve an amendment to PHH's charter to increase the number of authorized shares of capital stock.
PHH is an outsource provider of mortgage and vehicle fleet management services based in Mt. Laurel, N.J.
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