PHH Gets New Chairman, Acting Chief Executive

PHH Corp., Mt. Laurel, N.J., has a new chairman and a new acting chief executive as the incumbents in those positions lost their reelection bids and seats on the company's board. George J. Kilroy is taking the acting chief executive officer post, replacing president and CEO Terence W. Edwards. Mr. Edwards will serve as an advisor to the company for up to six months. The board will conduct a search for a permanent president and CEO and will consider both internal and external candidates. Mr. Kilroy is president and CEO of PHH Arval, the company's fleet management services business. Replacing A.B. Krongard as chairman is James O. Egan. Mr. Egan was first named to the board on March 30 and won a full-three year term in the recent election. He was a managing director of Investcorp International Inc. between 1998 and 2008. Investcorp is the parent company of SourceMedia, which owns National Mortgage News.