Board of Visitors Member Todd Gibbons (’79) Appointed to PHH Board of Directors

7.5.2011 Faculty News, General, News Release

PHH Corporation Announces Appointment to its Board of Directors
Reposted from: Business Wire

MOUNT LAUREL, N.J.–(BUSINESS WIRE)–PHH Corporation (NYSE: PHH) (“PHH” or the “Company”) today announced the appointment of Thomas P. (Todd) Gibbons to its Board of Directors, as a Class II independent director, and as a member of the Board’s Audit Committee effective July 1, 2011. Mr. Gibbons brings to PHH extensive financial and risk management experience along with a broad understanding of the capital markets. He currently serves as a Vice Chairman and Chief Financial Officer of The Bank of New York Mellon Corporation (“BNY Mellon”), responsible for BNY Mellon’s controller, treasury, investor relations, strategic planning, corporate development and tax functions, as well as its leasing businesses.

Jim Egan, Non-Executive Chairman of the Board of PHH Corporation, said, “I am delighted Todd has agreed to join our Board. His extensive public company experience in the financial services sector while serving in top management positions is particularly relevant for our Board deliberations. The Board is confident Todd will be a valued contributor as PHH continues to grow within acceptable risk boundaries and build shareholder value.”

About Mr. Gibbons

Thomas P. (Todd) Gibbons is a Vice Chairman of BNY Mellon and the company's Chief Financial Officer. Prior to this position, Mr. Gibbons was Chief Risk Officer of BNY Mellon and The Bank of New York for nearly a decade. He also served as CFO of The Bank of New York for almost a year prior to its merger with Mellon Financial in 2007. Todd first joined The Bank of New York in 1986. Before that, Mr. Gibbons was assistant treasurer at Handy and Harman, a leading refiner, processor and fabricator of precious metals. He is a member of BNY Mellon's Executive Committee and chairman of the company's Benefits Investment Committee. Mr. Gibbons currently serves on the Board of Managers of ConvergEx Holdings, LLC, is on the advisory board of Wake Forest University's Business School and is also on the board of the Summit Area YMCA. Mr. Gibbons holds a B.S. in Business Administration from Wake Forest University and an MBA from Pace University.

About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary, PHH Mortgage, is one of the top five retail originators of residential mortgages in the United States1, and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada. For additional information about the Company and its subsidiaries, please visit the Company’s website at www.phh.com.

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