Pennant Capital Management L.L.C., which is the largest investor in PHH Corp. of Mount Laurel and has been pushing for changes at the company, scored a victory today at the company's annual meeting.
Shareholders elected Pennant's two candidates for the board of PHH, which operates mortgage lending and fleet-leasing businesses, the company and Pennant said in a joint statement, based on anticipated results.
PHH's defeated candidates were A.B. Krongard, PHH's non-executive chairman, and Terence W. Edwards, PHH's president and chief executive.
Outside director James O. Egan ran unopposed and was reelected.
Pennant's candidates were former Freddie Mac executive Gregory J. Parseghian and former Dun & Bradstreet Corp. chairman Allan Z. Loren. - Harold Brubaker