MOUNT LAUREL, N.J.--(BUSINESS WIRE)--PHH Corporation (NYSE: PHH) (“PHH” or the “Company”) today announced the appointment of Thomas P. (Todd) Gibbons to its Board of Directors, as a Class II independent director, and as a member of the Board’s Audit Committee effective July 1, 2011. Mr. Gibbons brings to PHH extensive financial and risk management experience along with a broad understanding of the capital markets. He currently serves as a Vice Chairman and Chief Financial Officer of The Bank of New York Mellon Corporation (“BNY Mellon”), responsible for BNY Mellon’s controller, treasury, investor relations, strategic planning, corporate development and tax functions, as well as its leasing businesses.
Jim Egan, Non-Executive Chairman of the Board of PHH Corporation, said, “I am delighted Todd has agreed to join our Board. His extensive public company experience in the financial services sector while serving in top management positions is particularly relevant for our Board deliberations. The Board is confident Todd will be a valued contributor as PHH continues to grow within acceptable risk boundaries and build shareholder value.”
About Mr. Gibbons
Thomas P. (Todd) Gibbons is a Vice Chairman of BNY Mellon and the company's Chief Financial Officer. Prior to this position, Mr. Gibbons was Chief Risk Officer of BNY Mellon and The Bank of New York for nearly a decade. He also served as CFO of The Bank of New York for almost a year prior to its merger with Mellon Financial in 2007. Todd first joined The Bank of New York in 1986. Before that, Mr. Gibbons was assistant treasurer at Handy and Harman, a leading refiner, processor and fabricator of precious metals. He is a member of BNY Mellon's Executive Committee and chairman of the company's Benefits Investment Committee. Mr. Gibbons currently serves on the Board of Managers of ConvergEx Holdings, LLC, is on the advisory board of Wake Forest University's Business School and is also on the board of the Summit Area YMCA. Mr. Gibbons holds a B.S. in Business Administration from Wake Forest University and an MBA from Pace University.
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary, PHH Mortgage, is one of the top five retail originators of residential mortgages in the United States1, and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada. For additional information about the Company and its subsidiaries, please visit the Company’s website at www.phh.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward looking statements are not based on historical facts but instead represent only our current beliefs regarding future events. All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors. Investors are cautioned not to place undue reliance on these forward-looking statements. You should understand that these statements are not guarantees of performance or results and are preliminary in nature. Statements preceded by, followed by or that otherwise include the words “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans”, “may increase”, “may result”, “will result”, “may fluctuate” and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts.
You should consider the areas of risk described under the heading “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission under the Exchange Act, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by us and our businesses generally. Except for our ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, we undertake no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events.
1 Inside Mortgage Finance, Copyright 2011