MT. LAUREL, N.J. – PHH Corp., which operates the biggest mortgage bank for credit unions, said Terence Edwards has resigned as president and CEO, after being voted off the board of directors.
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Edwards will be succeeded on an acting basis by George Kilroy, president and CEO of PHH Arval, the company's fleet-management services business, since March 2001. He has worked for PHH for 33 years.
Edwards, CEO of PHH since its 2005 spin-off from Cendant Corp., and A.B. Krongard, chairman of the board, were voted off the board earlier this week after hedge fund Pennant Capital Management, the company’s largest shareholder, led a proxy campaign to replace the two with its own candidates.
