PennyMac Financial Services, Inc. (NYSE:PFSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On December 13, 2016, PennyMac Financial Services, Inc. (the
Company) issued a press release announcing that Stanford L.
Kurland, the Companys Chairman and Chief Executive Officer, will
assume the role of Executive Chairman of the Company, effective
January 1, 2017.As Executive Chairman, Mr. Kurland will continue
to lead the Companys strategy, organizational development and
governance and will represent the Company with its business
partners, investors and other key external stakeholders, with a
focus on advising and helping guide the senior management team in
their areas of responsibility. The compensation payable to Mr.
Kurland will not change as a result of the appointment, and his
existing employment agreement remains in full force and effect in
accordance with its terms.
David A. Spector, currently the Companys Executive Managing
Director, President and Chief Operating Officer, will become its
President and Chief Executive Officer, reporting directly to Mr.
Kurland, effective January 1, 2017.Mr. Spector, age 53, has been
a member of the Companys Board since its formation and has been
the Companys President and Chief Operating Officer since February
2013. Mr. Spector also has been the president and chief operating
officer of Private National Mortgage Acceptance Company, LLC
(PNMAC) since March 2015 and, prior thereto, its president and
chief investment officer beginning in January 2008. In addition,
Mr. Spector has been a member of the board of trustees of
PennyMac Mortgage Investment Trust (NYSE: PMT) since its
formation in May 2009 and chairman of the boards of directors of
PNMAC Mortgage Opportunity Fund, L.P. and PNMAC Mortgage
Opportunity Fund, LLC since May 2008. Prior to joining the
Company, Mr. Spector was co-head of global residential mortgages
for Morgan Stanley, a global financial services firm, based in
London. Before joining Morgan Stanley in September 2006, Mr.
Spector was the senior managing director, secondary marketing, at
Countrywide Financial Corporation, where he was employed from May
1990 to August 2006. Mr. Spector holds a BA from the University
of California, Los Angeles. Mr. Spector is an experienced
mortgage banking executive with broad expertise in portfolio
investments, interest rate and credit risk management, and
capital markets activity that includes pricing, trading and
hedging.
The compensation payable to Mr. Spector will not change as a
result of the appointment, and his existing employment agreement
remains in full force and effect in accordance with its terms.
There are no arrangements or understandings between Mr. Spector
and any other persons to which he was appointed as an executive
officer. There are no family relationships between Mr. Spector
and any director, executive officer or any other person nominated
or chosen by the Company to become a director or executive
officer. There are no related person transactions within the
meaning of Item 404(a) of Regulation S-K promulgated by the
Securities and Exchange Commission (the SEC) between Mr. Spector
and the Company.
Andrew S. Chang, currently the Companys Senior Managing Director
and Chief Business Development Officer, will become its Senior
Managing Director and Chief Financial Officer, effective January
1, 2017.Mr. Chang, age 39, has been the Companys Chief Business
Development Officer since February 2013. Mr. Chang also has
served as Chief Business Development Officer of PNMAC since May
2009. Mr. Chang has been responsible for the Companys corporate
development, portfolio acquisitions and investor relations,
including communications with stockholders and the
government-sponsored entities and other mortgage agencies. Prior
to joining PNMAC, from June 2005 to May 2008, Mr. Chang was
employed at BlackRock, Inc., a global investment management firm,
and a senior member in its advisory services practice,
specializing in financial strategy and risk management for banks
and mortgage companies. Mr. Chang is an experienced financial
services executive with substantial experience in corporate
finance and mortgage banking.
The compensation payable to Mr. Chang will not change as a result
of the appointment. There are no arrangements or understandings
between Mr. Chang and any other persons to which he was appointed
as an executive officer. There are no family relationships
between Mr. Chang and any director, executive officer or any
other person nominated or chosen by the Company to become a
director or executive officer. There are no related person
transactions within the meaning of Item 404(a) of Regulation S-K
promulgated by the SEC between Mr. Chang and the Company.
Effective January 1, 2017, Anne D. McCallion, currently the
Companys Senior Managing Director and Chief Financial Officer,
will become its Senior Managing Director and Chief Enterprise
Operations Officer, with management responsibility for the
Companys legal, human resources, corporate administration and
enterprise operations functions.
Item 7.01Regulation FD Disclosure.
On December 13, 2016, the Company issued a press release
announcing the matters described above in Item 5.02. A copy of
the press release is attached hereto as Exhibit 99.1 and
incorporated herein by reference.
The information contained in this Item 7.01, including the
related information set forth in the press release attached
hereto and incorporated by reference herein, is being furnished
and shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act),
or otherwise subject to the liabilities of Section 18 of the
Exchange Act. The information in this Item 7.01 shall not be
incorporated by reference into any registration statement or
other document to the Securities Act of 1933, as amended, or
into any filing or other document to the Exchange Act, except
as otherwise expressly stated in any such filing.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
|
Exhibit No. |
Description |
|
99.1 |
Press Release, dated as of December 13, 2016, issued by |
About PennyMac Financial Services, Inc. (NYSE:PFSI)
PennyMac Financial Services, Inc. (PFSI) is a financial services company. The Company is focused on the production and servicing of the United States residential mortgage loans and the management of investments related to the United States mortgage market. It operates through three segments: loan production, loan servicing and investment management. Its loan production segment is sourced through approximately two channels: correspondent production and consumer direct lending. Its loan servicing segment performs loan administration, collection and default management activities, including the collection and remittance of loan payments; response to customer inquiries; accounting for principal and interest; counseling delinquent mortgagors, and supervising foreclosures and property dispositions. Its investment management segment represents the activities of the Company’s investment manager, which include sourcing, performing diligence, bidding and closing investment asset acquisitions. PennyMac Financial Services, Inc. (NYSE:PFSI) Recent Trading Information
PennyMac Financial Services, Inc. (NYSE:PFSI) closed its last trading session down -0.10 at 18.55 with 113,210 shares trading hands.
