PHH shareholder Pennant Capital wins two seats on company's board

By Lisa Kerner

Charlotte, N.C., June 10 - PHH Corp. and Pennant Capital Management, LLC announced that they believe James O. Egan, Allan Z. Loren and Gregory J. Parseghian were elected as class I directors for three-year terms at PHH's annual meeting held on Wednesday.

Egan is the chairman of PHH's audit committee.

Loren, the former chairman of Dun & Bradstreet Corp., and Parseghian, the former chief executive officer of Freddie Mac, were nominated by Pennant.

PHH's slate included Egan, board chairman A.B. Krongard and president and CEO Terence W. Edwards.

Final election results, certified by the inspectors of election, are expected within a few days, PHH said.

The annual meeting was adjourned for 48 hours to allow PHH stockholders additional time to consider a proposal to amend PHH's charter to increase the number of authorized shares of capital stock. Pennant supports the proposal.

According to PHH, the meeting will reconvene at 10 a.m. ET on Friday.

PHH is an outsource provider of mortgage and vehicle fleet management services based in Mt. Laurel, N.J.

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