Parseghian Wins Election to PHH Board

Former Freddie Mac chief executive Gregory J. Parseghian is one of two dissident candidates to win election to the board of PHH Corp., Mt. Laurel, N.J. Mr. Parseghian was a nominee submitted by Pennant Capital Management LLC, Chatham, N.J., which owns just under 10% of PHH's stock. The other candidate Pennant supported, Allan Z. Loren, also was elected; Pennant materials describe him as an executive coach to CEOs and as the former chairman and CEO of Dun & Bradstreet. The pair defeated A.B. Krongard, who had been PHH's chairman, and Terence W. Edwards, its president and CEO. Reelected to the board is James O. Egan, the audit committee chairman. Pennant Capital Management LLC is an investment advisor that was founded by Alan Fournier in 2001.