PHH announces changes to its board of directors

PHH Corporation has announced that Ann D. Logan is leaving the company's board of directors, effective April 1, 2010. PHH also announced the appointment of Deborah M. Reif to the board, effective April 1, 2010, as a Class II director to fill the vacancy created by Logan's resignation. Reif will serve as a member of the company's finance and risk management committee. Reif brings to PHH extensive financial and operating experience, having served most recently as chief executive officer and president of the equipment services division of General Electric Company with responsibility for a global operating lease portfolio and supply chain service strategy. Logan is stepping down from the board to focus on other personal and professional opportunities. She has served on the PHH Board since the spin-off of PHH from Cendant Corporation in 2005. Jim Egan, non-executive chairman of the board of PHH Corporation said, "On behalf of the entire board, I want to thank Ann for her significant contributions to the Board and the company. Her experience was critical in guiding PHH through not only its early, tumultuous period as a newly-public company but also through the severe decline in the U.S. housing market and the collapse of the global credit markets. She provided the board with an immeasurable source of industry expertise and we are grateful for her contributions. In addition to the appointment of Reif, the board of directors appointed Gregory J. Parseghian to the audit committee and compensation committee of the board of directors, effective April 1, 2010. For more information, visit www.phh.com.