UPDATE 1-Ocwen Financial appoints John Vlack CFO

* Vlack to succeed Davit Gunter * Gunter to retire on Aug. 27

Aug 20 (Reuters) - Ocwen Financial Corp (OCN.N) said it appointed John Vlack as its chief financial officer, succeeding David Gunter, who will retire on Aug. 27.

Gunter has been the CFO at subprime mortgage servicing company Ocwen since May 2006. Vlack joined Ocwen in September 2007 as vice president of finance.

Ocwen, which agreed to buy Barclays' (BARC.L) U.S. mortgage servicing business HomEq for $1.3 billion earlier in May, had reported a profit below market view for its second quarter on Aug. 3. [ID:nSGE6720K6]

Shares of the West Palm Beach, Florida-based company closed at $9.07 Friday on the New York Stock Exchange. They have lost about 26 percent of their value over the past three months. (Reporting by Rachel Chitra in Bangalore; Editing by Unnikrishnan Nair)