PHH Board Elects New President and CEO

""PHH Corporation"":http://www.phh.com announced Wednesday that its board of directors has elected Glen Messina president and CEO.

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Messina, who has served as COO since joining the company in July 2011, will take his position at the helm of the mortgage outsourcer immediately, PHH said.

Messina succeeds Jerome Selitto, the company's president and CEO since October 2009. PHH said Selitto has resigned from his post, effective immediately.

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No reason was given for Selitto’s departure. A number of media outlets characterized the move as “abrupt,” citing recent credit rating downgrades by S&P and a cancelled bond offering in early December as the likely triggers.

Jim Egan, chairman of the board, said in a statement that Messina is “the ideal executive with the right experience” to ensure PHH remains focused on its priorities.

""The prolonged uncertainty and volatility in the global economy and capital markets, along with a U.S. housing market that remains challenging, requires an emphasis on liquidity and cash generation over growth in the near term,” Egan said.

Prior to joining PHH, Messina was CFO of General Electric Company. He also held the CEO and CFO positions within GE's mortgage services business. Most recently, he served as CEO of GE Chemical and Monitoring Solutions.

""I am pleased to accept these new roles, and am excited about the strong prospects for PHH,"" Messina said. ""We have the strength to weather the current economic turbulence, and the vigor to resume our growth when the economy and capital markets improve.”