Altisource Asset Management Corporation Terminates Chief Executive Officer
April 19 2021 - 7:32AM
On April 16, 2021, the Board of Directors (the “Board”) of
Altisource Asset Management Corporation (the “Company”) terminated
the Company’s Chief Executive Officer, Indroneel Chatterjee, for
cause, effective immediately, for violations of the Company’s Equal
Employment Opportunity, Prevention Against Harassment, and Conduct
on the Job Policies. This action reflects the results of an
independent inquiry by counsel to the Board into Mr. Chatterjee’s
conduct. Under Mr. Chatterjee’s employment agreement with the
Company, he was also deemed to have simultaneously resigned from
his positions as Chairman of the Board and a director of the
Company, and the Board accepted his resignations.
The Board expects to promptly commence a search
for its next Chief Executive Officer and has appointed Mr. Thomas
K. McCarthy as interim Chief Executive Officer during the search
period. Mr. McCarthy has extensive experience in real estate and
financial services, including successfully building and growing
business lines at multiple companies during his career.
“This is an unfortunate situation, but we
believe we have taken the appropriate action based on the findings
of the independent inquiry. We remain committed to developing new
businesses. Our team remains otherwise intact, and we do not expect
this event to impede our efforts nor the company’s future success,”
stated Governor John de Jongh, who became interim Chairman of the
Board for the duration of the Chief Executive Officer search
period.
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
Statements in this press release, or made by
officers, directors or authorized persons of the Company,
concerning the search process for a new President and Chief
Executive Officer and the timing of that search as well as the
Company’s implementation of new business initiatives are
forward-looking statements under the safe-harbor provisions of the
federal securities laws. The actual results and timing of the
search process may differ possibly materially from that
contemplated by those statements due to, among other things, the
ability of the Board to find eligible candidates, delays due to the
COVID-19 pandemic, the performance of the Company and the other
factors set forth under Item 1A Risk Factors in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2020 and
the Company’s implementation of new business initiatives is subject
to the risks associated with starting up any new business,
including the ability to retain and hire qualified personnel to run
the new businesses, the Company’s ability to effectively compete
with established businesses, the challenges of commencing a new
business during the COVID-19 pandemic and the other factors set
forth under Item 1A Risk Factors in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2020. The Company
undertakes no obligation to update forward-looking statements as a
result of changes in circumstances, new information or
otherwise.
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: +1-704-885-2461E:
IR@AltisourceAMC.com
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