Mortgage originator PHH Corp. of Mount Laurel today announced the departure of its CEO and named an interim successor.
Terence W. Edwards stepped down as president and chief executive effective Wednesday. He will serve as an adviser to the PHH for up to six months to help with the leadership transition.
Edwards lost in a board election by shareholders last week after a push for changes by the company's largest investor, Pennant Capital Management L.L.C.
PHH said it named George J. Kilroy as its acting CEO and president, also effective Wednesday. The company said its board is beginning a search for a permanent successor that will include internal and external candidates.
Kilroy has been with PHH for 33 years and most recently served as president and CEO of PHH Arval, the company's fleet-management-services business.
PHH also named James O. Egan as its chairman. Egan joined the company's board on March 30 and was re-elected on June 12 to a three-year term.