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.