Longtime Ocwen Financial CEO Ron Faris to step down

After returning to profitability in the first quarter, reversing a trend that saw it lose $546 million in 2014, Ocwen Financial (OCN. Ocwen President and CEO Ron Faris said that the company is.

“We have dedicated substantial resources toward satisfying the DBO’s requests,” Chief executive officer ron faris. financial protection Bureau. William Erbey, 65, the firm’s founder, agreed last.

Ocwen is set to buy Messina’s former company for $360 million. Messina, who left PHH just over a year ago amid an executive shakeup, will replace Ron Faris as Ocwen president and CEO. According to details provided by the company, Faris is set to retire as Ocwen’s chief executive later this year.

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As of January 16, 2015, Bill Erbey will step down as an officer and director of Ocwen, as well as from the boards of Ocwen’s related companies. The Operations Monitor will review Ocwen’s current committees of the Board of Directors and will consult with the Board relating to the committees.

The move would mark the end of a 27-year career at Ocwen for Faris, who has been president of the company since 2001, and the CEO since 2010. Faris plans to step down as president and CEO on June 30 and Ocwen plans to acquire PHH in the second half of this year. But the deal has to clear various approvals first.

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Another new boss. Ocwen also announced Monday that John Britti, the company’s executive vice president and chief investment officer, has been named interim CEO. Britti will take over on a temporary basis for the retiring Ronald Faris, who announced earlier this year that he plans to step down on June 30, 2018.

Margaret Popper, a spokeswoman for Ocwen at Sard Verbinnen & Co., declined to comment beyond the company’s public statements. On Monday, Ben Lawsky superintendent of the New York Department of.

Ocwen Financial Corporation has named an interim CEO to replace the departing ron faris. faris, the president and CEO of Ocwen, is retiring after 27 years with the company. He will officially step down June 30. The company is in the midst of acquiring PHH Corp., and had already named former PHH President and CEO Glenn Messina as Faris’ successor.

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"We are pleased to have reached a comprehensive settlement with the DFS and will act promptly to comply with the terms," said CEO Ronald Faris. Erbey will step down from his position as Executive.