OCWEN FINANCIAL CORPORATION (NYSE:OCN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On June 25, 2018, Ocwen Financial Corporation (the Company or Ocwen) announced that John V. Britti, presently Executive Vice President and Chief Investment Officer, has been appointed to serve as the Company’s interim Chief Executive Officer, from July 1, 2018 until the expected closing of the Company’s acquisition of PHH Corporation, at which time Glen A. Messina will assume the role of President and Chief Executive Officer in accordance with his previously disclosed agreement with the Company. As previously announced, Ronald M. Faris, the Company’s current President and Chief Executive Officer, will be retiring effective June 30, 2018.
Mr. Britti will continue to serve as Executive Vice President and Chief Investment Officer during his tenure as interim Chief Executive Officer. A determination will be made at a future date by the Company’s Compensation Committee with respect to the appropriate compensation for Mr. Britti for his service as interim Chief Executive Officer, which determination may be made following the conclusion of his service in this role.
Mr. Britti’s biographical information is available in Ocwen’s 2018 proxy statement, filed with the Securities and Exchange Commission on April 19, 2018.
Forward-Looking Statements
Certain statements contained in this current report may be deemed to be forward-looking statements under certain securities laws, including the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the pending acquisition of PHH Corporation (PHH) by Ocwen, required approvals, the expected timing of the acquisition and other statements other than in relation to historical facts. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “should”, “could”, or “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Our business has been undergoing substantial change which has magnified such uncertainties. Readers should bear these factors in mind when considering such statements. Forward-looking statements involve a number of assumptions, risks and uncertainties, many of which are outside the control of Ocwen and PHH, that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Forward-looking statements speak only as of the date they are made and we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. We caution readers not to place undue reliance on these statements as a number of important factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors include, but are not limited to, the possibility that the proposed transaction does not close when expected or at all. Additional information about these and other factors can be found in Ocwen’s 2017 Annual Report on Form 10-K and its quarterly and current reports since such filing, each filed with the Securities and Exchange Commission (the “SEC”) and available at the SEC’s website (http://www.sec.gov)
About OCWEN FINANCIAL CORPORATION (NYSE:OCN)
Ocwen Financial Corporation is a financial services holding company. The Company, through its subsidiaries, operates as a mortgage company. The Company’s segments include Servicing, Lending, and Corporate Items and Other. The Company’s Servicing segment consists of its core residential servicing business. The Company’s Lending segment is focused on originating and purchasing conventional and government-insured residential forward and reverse mortgage loans. The Company’s Corporate Items and Other segment includes business activities that include providing secured floor plan lending to used car dealerships through its Automotive Capital Services (ACS) venture and providing financing to investors to purchase single-family homes and apartments for lease through its Liberty Rental Finance venture. The Corporate Items and Other segment also includes the diversified fee-based businesses, which provide property valuation, real estate owned (REO) management, title and closing services.
