- After almost eight years in the position
- Praise and thanks for Faris
- Glen Messina taking over
(exechange) — West Palm Beach, Florida, April 19, 2018 — Ron Faris, chief executive of Ocwen, leaves. As announced by Ocwen Financial Corporation in a news release and in a regulatory filing published on Thursday, April 19, 2018, Ronald M. (Ron) Faris leaves his post as Chief Executive Officer at the provider of residential and commercial mortgage loan servicing after almost eight years in the position, effective June 30, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.7 years, according to data compiled by exechange.
Faris’s duties will be taken over by Glen A. Messina, most recently Chief Executive Officer of PHH Corporation.
The fact that Faris’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“After discussions with the Board”
Faris’s departure from the CEO post is explained as follows. Ocwen said in a fairly blunt statement: “Mr. Messina will succeed Ron Faris, who after 27 years with Ocwen, made the decision to retire as President and CEO after discussions with the Board.”
Precise information about Faris’s future plans was not immediately available.
Ocwen said: “Mr. Messina will succeed Ronald M. Faris, who is retiring from his position as President and CEO effective June 30, 2018 and from Ocwen’s Board as of Ocwen’s 2018 annual meeting of shareholders, having determined not to stand for reelection.”
Ocwen further sad: “The Board’s long-term succession planning process culminated in the Board decision to name Mr. Messina as President and CEO.”
Ocwen added: “In the event the Board determines it appropriate, the Board may appoint an interim CEO on or before June 30, 2018 to serve until Mr. Messina assumes his role.”
Share price decline
The change follows a decline in the share price of Ocwen Financial Corporation since January 2014.
Chaired by Phyllis R. Caldwell
Ocwen Financial Corporation is chaired by Phyllis R. Caldwell.
Caldwell became Chair of the Board of Directors on March 15, 2016. Caldwell has served as a Director of Ocwen since January 2015.
In the position of CEO since 2010
Ronald M. Faris has been the President of Ocwen Financial Corp. since March 2001 and has been its Chief Executive Officer since October 28, 2010.
Faris has served as a Director of Ocwen since May 2003, as the President of Ocwen since March 2001 and as Chief Executive Officer since October 2010.
Faris served as Executive Vice President of Ocwen from May 1998 to March 2001, as Senior Vice President from May 1997 to May 1998 and as Vice President and Chief Accounting Officer of Ocwen from June 1995 to May 1997.
From March 1991 to July 1994, he served as Controller for a subsidiary of Ocwen.
From 1986 to 1991, Faris was a Vice President with Kidder, Peabody & Co., Inc. and from 1984 to 1986 worked in the General Audit Department of PricewaterhouseCoopers LLP.
He holds a Bachelor of Science in Accounting from The Pennsylvania State University.
Faris will remain President and CEO through June 30, 2018.
He will not stand for reelection as a member of the Board at the Company’s May 2018 Annual Meeting.
Faris will remain a consultant to the Company to ensure a smooth leadership transition and to assist with the integration process for Ocwen’s pending combination with PHH.
Read the full story in the exechange report 17.2018 ($).