PHH Corp., which saw its CEO depart a few weeks ago, late Thursday named Charles Pizzi, the former chairman of the Federal Reserve Bank of Philadelphia, to its board.
The nation's largest private label originator and servicer is set to release fourth quarter earnings shortly.
Besides serving at the Fed in Philadelphia, Pizzi was president and CEO of Tasty Baking Co.
In early January Jerry Selitto unexpectedly resigned as president and CEO of PHH. He also gave up his director's seat.
The company's earnings have risen and fallen dramatically based on the value of its mortgage servicing rights. Also, a recent debt offering by the Mt. Laurel-based PHH turned out to be more expensive than originally thought.
But about a week ago the share price of PHH got a bump when it was revealed that Hayman Capital Management had amassed a 7.9% stake in the nonbank and fleet lender.
On Thursday the company also said that James W. Brinkley, a director since January 2005, will retire from the board in June.
