Ocwen CFO Michael Bourque leaves at short notice

  • Push-out Score suggests push-out forces
  • After about four years in the position
  • Praise, thanks and good wishes for Bourque
  • Search for a successor

(exechange) — West Palm Beach, Florida, May 29, 2018 — This news came the day after Memorial Day. Michael Bourque, finance chief of Ocwen, leaves. It is a change at short notice. As announced by Ocwen Financial Corporation in a news release and in a regulatory filing published on Tuesday, May 29, 2018, Michael R. Bourque leaves his post as Chief Financial Officer at the financial services holding company after about four years in the position, effective June 22, 2018.

Ocwen will undertake a search for a successor.

“To accept a position with another financial services company”

Bourque’s imminent departure from the CFO post is explained as follows. Ocwen said: “Executive Vice President and Chief Financial Officer … Michael Bourque has made the decision to resign to accept a position with another financial services company.”

Precise information about Bourque’s future plans was not immediately available.

“Resignation”

Ocwen said: “Michael R. Bourque, Jr., Executive Vice President and Chief Financial Officer of Ocwen Financial Corporation …, will resign effective June 22, 2018.”

“Not due to any disagreement”

“Mr. Bourque’s resignation is not due to any disagreement with Ocwen relating to the Company’s operations, policies, or practices,” Ocwen said.

It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.

Share price rise since August 2017

The change follows a rise in the share price of Ocwen Financial Corporation since August 2017.

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.

CEO: Ronald M. Faris

Ronald M. Faris serves as CEO of Ocwen Financial Corporation. He has served as the President of Ocwen since March 2001 and as Chief Executive Officer since October 2010.

In the position of CFO since 2014

Bourque, Jr. has served as Executive Vice President and Chief Financial Officer since June 2014.

Prior to joining Ocwen, Bourque spent fifteen years in various financial leadership positions in the General Electric Company, spanning both GE’s industrial businesses as well as GE Capital.

Most recently, from 2013 to April 2014, Bourque served as Chief Financial Officer for GE Distributed Power, a business within GE Power & Water.

Prior to that he served in other CFO, financial planning and analysis and internal audit roles at General Electric.

Bourque holds a Bachelor of Arts from the College of the Holy Cross in Worcester, Massachusetts, and a Masters of Business Administration from The Wharton School at the University of Pennsylvania.

He will remain active and engaged in his role with Ocwen through June 22.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Michael Bourque’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 23.2018 ($).