PHH Corporation (NYSE:PHH) (“PHH,” the “Company,” “we,” “our” and “us”)
and Pennant Capital Management, LLC (“Pennant”) today jointly announced
the anticipated results of the election of directors at PHH’s 2009
Annual Meeting of Stockholders (the “2009 Annual Meeting”). PHH and
Pennant stated that they believe that Messrs. James O. Egan, Allan Z.
Loren and Gregory J. Parseghian have been elected as Class I Directors
for three year terms.
The final results of the stockholder votes on all of the proposals
submitted at the 2009 Annual Meeting are subject to the certification of
the Inspectors of Election, which is anticipated within a few days.
However, based upon preliminary results, PHH and Pennant today also
jointly announced that stockholders appear to have ratified the
selection of Deloitte & Touche LLP as PHH’s independent registered
public accounting firm for 2009 and approved the PHH Corporation Amended
and Restated 2005 Equity and Incentive Plan.
The 2009 Annual Meeting has been adjourned for forty-eight hours to
permit stockholders additional time to consider Proposal No. 4, the
proposed amendment of PHH’s Charter to increase the number of authorized
shares of PHH’s capital stock. PHH notes that Pennant supports Proposal
No. 4 and that both RiskMetrics Group (formerly ISS) and PROXY
Governance, Inc. have recommended that stockholders vote in favor of
Proposal No. 4.
The polls will remain open solely with respect to Proposal No. 4 until
the 2009 Annual Meeting reconvenes on Friday, June 12, 2009, at 10:00
a.m. Eastern Daylight Time at PHH’s corporate headquarters located at
3000 Leadenhall Road, Mt. Laurel, New Jersey.
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading
outsource provider of mortgage and vehicle fleet management services.
Its subsidiary, PHH Mortgage Corporation, is one of the top five retail
originators of residential mortgages in the United States1,
and its subsidiary, PHH Arval, is a leading fleet management services
provider in the United States and Canada. For additional information
about the company and its subsidiaries, please visit our website at www.phh.com.
1 Inside Mortgage Finance, Copyright 2009
About Pennant Capital Management, LLC
Pennant Capital Management, LLC is an investment advisor founded by Alan
Fournier in 2001 that currently manages over $2.6 billion in investor
capital.
PHH Contact Information:
Nancy R. Kyle, 856-917-4268
or
Pennant
Contact Information:
MacKenzie Partners, Inc.
Daniel H.
Burch, 212-929-5748
