ALTISOURCE ASSET MANAGEMENT CORPORATION (NYSEMKT:AAMC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Directors (the Board) of Altisource Asset Management Corporation
(the Company), informed the Company that he will not stand for
re-election at the Companys Annual Meeting of Stockholders to be
held on May 24, 2017 (the 2017 Annual Meeting). Mr. Bossidy
currently serves as the Companys lead independent director, Chair
of the Audit Committee and a member of the Nomination/Governance
Committee. Effective with his departure on May 24, 2017, Mr.
Bossidy will no longer serve as the Companys lead independent
director, Chair of the Audit Committee or a member of the
Nomination/Governance Committee.
of the Board from six to five members, effective with Mr.
Bossidys May 24, 2017 departure. The Board also made the
following lead independent director and committee Chair
appointments effective upon the Directors re-election to the
Board at the 2017 Annual Meeting: (a) Dale Kurland was appointed
as the Companys lead independent director and Chair of the Audit
Committee, (b) Nathaniel Redleaf was appointed as Chair of the
Compensation Committee and (c) Ricardo C. Byrd was appointed as
Chair of the Nomination/Governance Committee. John P. de Jongh,
Jr. will continue to serve as a member of Audit Committee and the
Nomination/Governance Committee.
the composition of the Companys Board and Committees is expected
to be as follows as provided in the Companys proxy statement for
the 2017 Annual Meeting filed on April 21, 2017 with the
Securities and Exchange Commission:
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Name
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Audit
Committee
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Compensation
Committee
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Nomination/
Governance
Committee
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George G. Ellison (1)
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||||||
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Ricardo C. Byrd
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X
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X (2)
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||||
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Dale Kurland
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X (2)
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X
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||||
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Nathaniel Redleaf
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X
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X (2)
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X
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|||
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John P. de Jongh, Jr.
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X
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X
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(1)
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Chairman of the Board and Chief Executive Officer.
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(2)
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Expected Committee Chair following the 2017 Annual Meeting
of Stockholders. |
About ALTISOURCE ASSET MANAGEMENT CORPORATION (NYSEMKT:AAMC)
Altisource Asset Management Corporation provides asset management and corporate governance services to institutional investors. The Company’s primary client is Altisource Residential Corporation (Residential). The Company operates through segment, which is focused on providing asset management and certain corporate governance services to Residential. Its business strategy is to provide asset management services to Residential to generate cash available for distribution to its shareholders and thereby growing its earnings, and develop additional investment strategies and vehicles. Residential is a public real estate investment trust (REIT) that acquires and manages single-family rental properties by acquiring sub-performing and non-performing mortgage loans throughout the United States. In addition to providing services to Residential, it also provides management services to NewSource Reinsurance Company Ltd., which is an insurance and reinsurance company. ALTISOURCE ASSET MANAGEMENT CORPORATION (NYSEMKT:AAMC) Recent Trading Information
ALTISOURCE ASSET MANAGEMENT CORPORATION (NYSEMKT:AAMC) closed its last trading session up +2.60 at 74.85 with 6,456 shares trading hands.
