Ocwen Adds New Independent Director to Board

Alan Bowers

Ocwen Financial Corporation, one of the country's largest non-bank mortgage servicers, announced the appointment of Alan J. Bowers as a new independent director to the firm's Board of Directors, according to an announcement from Ocwen.

With the addition of Bowers, who has no prior affiliation with Ocwen, the Board now has eight directors, seven of whom are independent directors. Bowers' 30 years of experience in accounting and executive management includes experience on audit committees of private and public companies. He has served as lead director and as chairman of the Audit Committee and Nominating Corporate Governance Committee at commercial real estate finance giant Walker & Dunlop since December 2010, as chairman of the Audit Committee and on the Board of publicly traded hotel chain La Quinta Inn & Suites and privately held manufacturer and distributor of graduation products American Achievement Corp., and as a Board member of privately held government manager and consulting firm Quadel Consulting Corp.

"We are pleased to welcome Alan Bowers to our Board of Directors," commented Ronald Faris, President and CEO of Ocwen. "We look forward to leveraging Alan’s background and expertise, including his years of service on audit and corporate governance committees, to further Ocwen’s long-term strategic goals."

Bowers has a Bachelor of Science in Accounting from Montclair State University and a Master's in Business Administration from St. John's University. He has been a certified public accountaint since 1978. His previous positions, before his retirement in 2005, include President, CEO, and board member of private equity-backed staffing service Cape Success from 2001 to 2004; President, CEO, and board member at marketing and sales support service firm MarketSource and at life insurance firm MBL Life Assurance Corporation. Bowers has also served on boards as Audit Committee Chairman for temperature controlled logistics firm Refrigerated Holdings, Inc; trucking and logistics company Roadlink; and Canadian trucking and logistics company Fastfrate Holdings. His other positions include staff auditor, audit partner, and managing partner with Coopers & Lybrand, and staff accountant with Laventhold & Horwath.

"We are delighted that Alan is joining Ocwen’s Board of Directors," said Barry Wish, Non-Executive Chairman of Ocwen’s Board of Directors. "His accounting expertise and diverse corporate management experience will prove invaluable assets to our Board and the future success of Ocwen."