Activist shareholders appear to have won the proxy fight at the mortgage outsourcer PHH Corp.

According to the preliminary results of a vote at PHH's annual shareholder meeting Wednesday, both of Pennant Capital Management LLC's nominees, Gregory J. Parseghian and Allan Z. Loren, were elected to the board. They had run against PHH's chief executive officer, Terence W. Edwards, and its chairman, Alvin B. Krongard. (Pennant had said it did not intend to remove Edwards as CEO, just from the board.)

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