A week after activist shareholders won a proxy fight for control of PHH Corp., the Mount Laurel, N.J., mortgage outsourcer said Terence W. Edwards had resigned as its president and chief executive.
Edwards will serve as an adviser to PHH for up to six months "to help with the leadership transition," the company said Friday.
George J. Kilroy, a 33-year veteran of PHH, who has been president and CEO of its fleet management business, PHH Arval, will be the parent's acting chief executive and president while it looks for a successor.
PHH Corp. also named James O. Egan as its chairman. He was elected to the board in March.
Edwards and Alvin B. Krongard, PHH's previous chairman, lost a proxy fight this month to Gregory J. Parseghian and Allan Loren, the two nominees of Pennant Capital Management LLC, which owns 9.94% of PHH. Pennant had complained that PHH was slow to respond to the mortgage downturn and had failed to track the profitability of its clients.
