Ocwen names interim CEO

The company has tapped an industry vet to replace Ron Faris, who is retiring after 27 years

By Ryan Smith

26 Jun 2018

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.

However, the acquisition is not expected to close until later in the year, and Messina won’t take the reins until the deal is complete.

In the meantime, Ocwen has named John V. Britti as its interim CEO, according to a recent filing with the Securities and Exchange Commission. Britti is currently the company’s chief investment officer, a role in which he will continue to serve during his tenure as interim CEO.

According to Ocwen, Britti will serve as interim CEO “from July 1, 2018, until the expected closing of the Company’s acquisition of PHH Corporation,” at which time Messina will take the reins.

Britti has been with Ocwen since 2011. Prior to that, he served as chief operating officer at RMIC. He’s also served as the vice president of sales at Freddie Mac.