PHH Corp. President and CEO Glen Messina will step down in June at the company's annual meeting.

Chief Financial Officer Robert Crowl will succeed him after a stint serving as chief operating officer and reporting to Messina in the interim.

Michael Bogansky, senior vice president and controller, will replace Crowl as CFO.

PHH has been refocusing on "capital-light subservicing and portfolio retention" after shedding other business lines, including its private-label mortgage operations.

Crowl previously re-engineered National City Corp.'s mortgage division when he served as executive vice president and COO there, prior to NCC's sale to PNC Financial Services Group.

Other change in leadership at PHH will include the departure of Senior Vice President and Chief Information Officer Gabe Minton, who will be succeeded by Ian Hill. Hill is currently vice president of information technology enterprise services.

The management changes are part of cost-cutting measures the company expects will save it at least $5 million on an annualized basis.

Messina has been president and CEO of PHH Corp. since 2012, when he succeeded Jerome Selitto.

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