Current Report Filing (8-k)
18 Mai 2022 - 10:16PM
Edgar (US Regulatory)
0000873860
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0000873860
2022-05-12
2022-05-12
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 12, 2022
OCWEN
FINANCIAL CORPORATION
(Exact
name of registrant as specified in its charter)
Florida |
|
1-13219 |
|
65-0039856 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
1661
Worthington Road, Suite 100
West
Palm Beach, Florida 33409
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (561) 682-8000
Not
applicable.
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.01 Par Value |
|
OCN |
|
New
York Stock Exchange (NYSE) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.02 | Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. |
On
May 18, 2022, Ocwen Financial Corporation (“Ocwen” or “the Company”) announced that June C. Campbell, Executive
Vice President and Chief Financial Officer, will be leaving the Company following a transition period. Ms. Campbell’s departure
is unrelated to any disagreement with the Company on any matter. Ms. Campbell joined Ocwen in March 2019 and led the Finance organization
through the post-merger integration of Ocwen and PHH Corporation and subsequent legal entity re-organization. Her most recent accomplishments
include leading enterprise-wide cost reduction initiatives and executing a comprehensive Investor Relations plan. The Company thanks
Ms. Campbell for her contributions to the Company’s strategic transformation over the past three years.
On
May 18, 2022, the Company also announced that Sean O’Neil will join the organization as Executive Vice President and Chief Financial
Officer effective June 13, 2022. Mr. O’Neil, 56, joins Ocwen from Bayview Asset Management, LLC, which he joined in 2015, serving
as Chief Financial Officer. Prior to 2015, he held a number of senior positions at financial institutions, including serving as Group
Financial Officer for Wells Fargo, Eastern Community Bank and as Chief Financial Officer for Wachovia’s Wealth Management Group.
Mr. O’Neil began his career as a submarine officer in the U.S. Navy, and earned a Master of Business Administration degree from
Harvard Business School and a Bachelor of Science degree in Mechanical Engineering from Pennsylvania State University.
Mr.
O’Neil will receive an annual base salary of $550,000, annual target cash bonus compensation of $550,000, and annual long-term
equity compensation with a target value of $650,000, half of which will be granted as time-vesting restricted stock units (RSUs) and
half of which will be granted as performance-based RSUs. Mr. O’Neil will also receive a one-time sign-on award of time-vesting
RSUs with a target value of $1,250,000. In addition, Mr. O’Neil will be entitled to a cash sign-on bonus of $650,000, payable in
four installments over three years provided that Mr. O’Neil remains employed on each payment date, subject to certain exceptions.
Item
9.01 | Financial
Statements and Exhibits. |
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
|
OCWEN
FINANCIAL CORPORATION |
|
(Registrant) |
|
|
|
Date:
May 18, 2022 |
By: |
/s/
Joseph J. Samarias |
|
|
Joseph
J. Samarias |
|
|
Executive
Vice President and General Counsel |
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