Ocwen Financial Corp. Announces Director Changes and Officer Compensation Details
Ticker: ONIT · Form: 8-K · Filed: Apr 2, 2024 · CIK: 873860
| Field | Detail |
|---|---|
| Company | Ocwen Financial Corp (ONIT) |
| Form Type | 8-K |
| Filed Date | Apr 2, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, officer-compensation, director-changes
Related Tickers: OCN
TL;DR
Ocwen board shake-up: Schussler out, Miller in. Officer pay details also filed.
AI Summary
Ocwen Financial Corporation announced on March 28, 2024, the departure of director Michael H. Schussler and the election of new director David L. Miller. The company also disclosed compensatory arrangements for certain officers, though specific details and dollar amounts were not immediately available in this filing excerpt. The filing also included financial statements and exhibits.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance changes and disclosures, with no immediate indication of significant financial distress or operational disruption.
Key Players & Entities
- Ocwen Financial Corporation (company) — Registrant
- Michael H. Schussler (person) — Departing Director
- David L. Miller (person) — Newly Elected Director
- March 28, 2024 (date) — Date of earliest event reported
FAQ
Who has been elected as a new director to the board of Ocwen Financial Corporation?
David L. Miller has been elected as a new director.
Who has departed from the board of directors at Ocwen Financial Corporation?
Michael H. Schussler has departed from the board of directors.
What is the exact date of the earliest event reported in this 8-K filing?
The earliest event reported is dated March 28, 2024.
What other information is included in this filing besides director changes?
The filing also includes information on compensatory arrangements of certain officers and financial statements and exhibits.
In which state is Ocwen Financial Corporation incorporated?
Ocwen Financial Corporation is incorporated in Florida.
Filing Stats: 999 words · 4 min read · ~3 pages · Grade level 10.4 · Accepted 2024-04-02 06:45:21
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 Par Value OCN New York Stock Exchan
Filing Documents
- form8-k.htm (8-K) — 45KB
- ex99-1.htm (EX-99.1) — 13KB
- ex99-1_001.jpg (GRAPHIC) — 9KB
- 0001493152-24-012631.txt ( ) — 245KB
- ocn-20240328.xsd (EX-101.SCH) — 3KB
- ocn-20240328_lab.xml (EX-101.LAB) — 33KB
- ocn-20240328_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
(a) of Regulation S-K
Item 404(a) of Regulation S-K. Ms. Merkle will receive compensation for her services as a director in accordance with the compensation arrangements for non-management directors as described in the Company's proxy statement for its 2023 annual meeting of shareholders filed with the Securities and Exchange Commission on April 17, 2023. Ms. Merkle will also enter into a customary indemnification agreement with the Company, the form of which is filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 26, 2015. In addition, Phyllis R. Caldwell, a director of the Company, has notified the Board that she has decided not to stand for re-election at the Company's 2024 annual shareholder meeting, which is currently scheduled for May 28, 2024. Ms. Caldwell will continue to serve on the Board until that time. The Board has determined that its size shall be decreased to seven effective immediately prior to the beginning of the 2024 annual shareholder meeting. Ocwen thanks Ms. Caldwell for her many contributions over nine years of service to the Company as a director, including seven years as Chair of the Board. Ms. Caldwell's retirement from the Board is not due to any disagreement with the Company relating to its operations, policies or practices.
01
Item 7.01 Regulation FD Disclosure. The Company issued a press release on April 2, 2024 announcing the appointment of Ms. Merkle to the Board. A copy of the press release is furnished herewith and attached hereto as Exhibit 99.1. The information in this Item 7.01 and the related information in Exhibit 99.1 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release of Ocwen Financial Corporation dated April 2, 2024 104 Cover Page Interactive Data File formatted in online XBRL (included as Exhibit 101)
SIGNATURES
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: April 2, 2024 By: /s/ Joseph J. Samarias Joseph J. Samarias Chief Legal Officer