Ocwen Financial Corporation announced that its Board of Directors has unanimously elected Glen A. Messina as Chair of the Board, effective January 23, 2023. Mr. Messina will continue to serve as President and Chief Executive Officer of Ocwen, a position he has held, along with serving on the Board as a director, since October 2018. Mr. Messina succeeds Phyllis R. Caldwell, who has successfully served as Chair since March 2016 and as a director since January 2015.

Ms. Caldwell will remain on the Board as an independent director and intends to stand for re-election at the next Annual meeting. In accordance with the Company's Corporate Governance Guidelines and to provide effective oversight and independence of the Board, the Board appointed Kevin Stein as Lead Independent Director. Mr. Stein has served as an independent director on Ocwen's Board since February 2019.

The Board has determined that combining the Chair of the Board and Chief Executive Officer positions, along with appointing a Lead Independent Director, is the appropriate structure for the Company at this time and helps provide strong and consistent leadership for the management team and its Board. The Board believes that Mr. Messina's knowledge and background with the Company, deep industry experience, demonstrated leadership capability and track record of delivering results benefits Ocwen's shareholders, customers and employees and uniquely positions him to lead the Board and continue to oversee the Company's strategic initiatives.