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Edwards out as CEO of mortgage lender PHH

The Mount Laurel company said that George J. Kilroy has been named acting CEO while its searches for a permanent successor.

After losing its board seat last week, Terence W. Edwards has stepped down as president and CEO of PHH Corp.

The Mount Laurel residential mortgage originator said today that George J. Kilroy has been named acting CEO and president and James O. Egan the new chairman. All changes took effect on June 17.

Kilroy, 61, had been president and CEO of PHH Arval, the company's fleet management services business.

Edwards, 53, will remain an advisor to PHH for up to six months. The company said the board has begun a search for a permanent CEO and will consider internal and external candidates.

PHH faced a proxy battle waged by its largest shareholder, Pennant Capital Management L.L.C., this spring. Two of Pennant's candidates were elected to the PHH board at the annual shareholder's meeting on June 10. Both Edwards and PHH's nonexecutive chairman, A.B. Krongard, were defeated.

Pennant has been pushing for changes at PHH, which lost $254 million, or $4.68 per share, on revenues of $2.06 billion last year. In trading early Friday, PHH shares were up 79 cents at $17.33.