Altisource Asset Management Corporation Announces Hiring of Co-Chief Executive Officer
January 13 2020 - 5:05PM
Altisource Asset Management Corporation (“AAMC” or the “Company”)
(NYSE American: AAMC) today announced the hiring of Indroneel
Chatterjee as the Company’s new Co-Chief Executive Officer,
effective January 13, 2020 (the “Effective Date”). Mr. Chatterjee
will also become a member of the Company’s Board of Directors on
the Effective Date.
The current Chief Executive Officer, George Ellison, will
continue as co-Chief Executive Officer and Chairman and be
responsible for managing the Company’s existing business including
the asset management agreement with Front Yard Residential
Corporation (“Front Yard”). Mr. Chatterjee was hired as an
additional resource for AAMC and will be responsible for
implementing new business.
Mr. Chatterjee has served as a consultant to various businesses
since March 2019. He previously served as Senior Vice President,
New Business Initiatives of Altisource Solutions, Inc. from
September 2018 to March 2019. Altisource Solutions, Inc. is a
subsidiary of Altisource Portfolio Solutions S.A. (NASDAQ: ASPS)
(“ASPS”), an integrated service provider and marketplace for the
real estate and mortgage industries. Mr. Chatterjee served as Chief
Financial Officer of ASPS from October 2017 to August 2018. Prior
to joining ASPS, he served as Head of Credit Solutions, Global
Markets at Nomura Securities, an investment banking firm, from
January 2017 to September 2017 and as Executive Director on the
fixed income trading desk at Nomura from August 2014. Mr.
Chatterjee also held the positions of Investment Analyst, Absolute
Return Income Fund for Perry Capital from March 2013 to April 2014,
Executive Director for UBS Securities LLC from November 2009 to
March 2013 and Vice President, High Yield Research for AIG Global
Investment Group from October 2006 to November 2009. He holds a
Bachelor of Science in Economics from the Wharton School of
Business at the University of Pennsylvania.
Mr. Chatterjee will also receive an initial equity award, which
award will be made outside of the Company’s 2012 Equity Incentive
Plan (the “Plan”) but will otherwise be subject to the terms and
conditions of the Plan. Such initial equity award will be an
“inducement award” for purposes of NYSE American Rule 711(a), an
exemption from shareholder approval requirements for inducement
awards. The equity award will consist of options to purchase 60,000
shares of common stock and 60,000 restricted shares. The options
will be subject to vesting following the achievement of certain
trading price targets and further time-based vesting criteria
thereafter. The restricted shares will vest annually over a
four-year period following the date of grant.
About AAMC
AAMC is an asset management company that provides portfolio
management and corporate governance services to investment
vehicles. Additional information is available at
www.altisourceamc.com.
Forward-looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties. Those forward-looking
statements include all statements that are not historical fact,
including statements about management’s beliefs and expectations.
Forward-looking statements are based on management’s beliefs as
well as assumptions made by and information currently available to
management. Because such statements are based on expectations as to
future economic performance and are not statements of historical
fact, actual results may differ materially from those projected.
The risks and uncertainties to which forward-looking statements are
subject include, but are not limited to: AAMC’s ability to
implement its business plan; AAMC's ability to leverage strategic
relationships on an efficient and cost-effective basis; AAMC's and
Front Yard's ability to compete; Front Yard’s ability to implement
its business plan; general economic and market conditions;
governmental regulations, taxes and policies; AAMC's ability to
generate adequate and timely sources of liquidity and financing for
itself or Front Yard; Front Yard’s ability to sell non-core assets
on favorable terms or at all; AAMC's ability to identify and
acquire assets for Front Yard’s portfolio; Front Yard’s ability to
complete potential transactions in accordance with anticipated
terms and on a timely basis or at all; AAMC’s ability to integrate
newly acquired rental assets into Front Yard’s portfolio; the
ability to effectively manage the performance of Front Yard’s
internal property manager at the level and/or the cost that it
anticipates; the failure of third party vendors to effectively
perform their obligations under their respective agreements with
AAMC or Front Yard; the effects of potential redemptions of our
Series A Preferred Stock commencing in March 2020, including our
ability to pay with funds legally available therefor or renegotiate
the terms thereof; our failure to maintain Front Yard’s
qualification as a REIT; and other risks and uncertainties detailed
in the “Risk Factors” and other sections described from time to
time in the Company’s current and future filings with the
Securities and Exchange Commission. The foregoing list of factors
should not be construed as exhaustive.
The statements made in this press release are current as of the
date of this press release only. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements or any other information contained herein, whether as a
result of new information, future events or otherwise.
FOR FURTHER INFORMATION CONTACT:Investor
RelationsT: 1-704-558-3068E:
InvestorRelations@AltisourceAMC.com
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