PHH Corporation (NYSE:PHH) (“PHH” or the “Company”) and Pennant Capital
Management, LLC (“Pennant”) today jointly announced the results of the
proposals considered at PHH’s 2009 Annual Meeting of Stockholders (the
“2009 Annual Meeting”) as certified by Corporate Election Services, the
independent Inspectors of Election hired to count the votes and certify
the voting results. At the 2009 Annual Meeting, PHH’s stockholders
elected James O. Egan, Allan Z. Loren and Gregory J. Parseghian as Class
I Directors to serve for three year terms, ratified the selection of
Deloitte & Touche LLP as PHH’s independent registered public accounting
firm for the fiscal year ending December 31, 2009, approved the PHH
Corporation Amended and Restated 2005 Equity and Incentive Plan, and
approved the amendment of PHH’s Articles of Amendment and Restatement
(as amended) to increase the Company’s number of shares of authorized
capital stock from 110,000,000 shares to 275,000,000 shares and the
authorized number of shares of common stock from 108,910,000 shares to
273,910,000 shares.
Stockholders representing 46,488,200 shares of PHH common stock were
present at the 2009 Annual Meeting in person or by proxy, representing
85.5% of the 54,388,877 shares of PHH common stock outstanding as of the
record date of April 22, 2009. The results of the votes cast at the 2009
Annual Meeting as certified by Corporate Election Services are as
follows:
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Proposal No. 1 – Director Election Proposal:
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FOR
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WITHHELD
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|
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A. B. Krongard
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18,210,666
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303,855
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Terence W. Edwards
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18,391,254
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123,267
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|
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James O. Egan
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44,362,581
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243,926
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|
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Allan Z. Loren
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25,918,027
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173,959
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|
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Gregory J. Parseghian
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25,924,544
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167,442
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|
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FOR
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AGAINST
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ABSTAIN
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Proposal No. 2 – Ratification of Auditors Proposal:
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44,300,521
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196,987
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108,999
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Proposal No. 3 – Incentive Plan Proposal:
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37,244,934
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7,231,934
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129,639
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Proposal No. 4 – Charter Amendment Proposal:
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27,229,701
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19,126,266
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132,233
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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
