The former Freddie Mac chief executive who joined the board of PHH Corp. during a 2009 proxy fight will resign as a director later this year.
Greg Parseghian will retire from the Mount Laurel, N.J., mortgage servicer's board at the end of his current term, according to a Friday regulatory filing. Parseghian's term is scheduled to expire at the time of PHH's annual meeting. Parseghian is co-chairman of the board's finance, compliance and risk management committee.
His decision to retire "was not due to any disagreement" with PHH management, according to the filing.
Parseghian was nominated to the PHH board in 2009 by Pennant Capital Management, which launched a proxy fight to oust the company's chairman, Alvin Krongard, and its CEO, Terence Edwards. Parseghian
Pennant also successfully appointed Allan Loren to the PHH board at the same time as Parseghian. Loren remains on a PHH director.
Former PHH CEO Jerry Selitto was ousted from the company in January 2012, amid