(c) Appointment of Certain Officers
On May 10, 2017, Altisource Asset Management Corporation (“AAMC” or the “Company”) appointed Rene Dittrich, age 45, as Chief Accounting Officer of the Company. Mr. Dittrich will also serve as the Chief Accounting Officer of Altisource Residential Corporation.
Prior to joining AAMC, Mr. Dittrich held several positions at Credit Suisse in Zurich, Switzerland, New York, NY and Raleigh, NC over a 19-year career. Most recently, from 2011 through April 2017, Mr. Dittrich led the U.S. accounting function for Credit Suisse and also acted as the Site Lead for the finance group in Credit Suisse’s North Carolina Corporate Center. In this role, Mr. Dittrich focused on financial reporting, regulatory reporting, accounting policy and tax. Prior to 2011, Mr. Dittrich also served as, among other things, Chief Operating Officer for the Regional Controller with oversight for Credit Suisse’s locations in Brazil, Mexico, the Bahamas and Canada and as Vice President of Budgeting and Strategic Planning. Mr. Dittrich is a licensed CPA and has a Bachelor’s degree and a Master’s degree in Business from Zurich University, Switzerland.
There are no family relationships among Mr. Dittrich and any of the Company’s directors and executive officers.
(e) Compensatory Arrangements
to his employment arrangement, Mr. Dittrich will receive, among other things, (i) a base salary of $260,000, (ii) a target incentive bonus opportunity of $140,000, dependent on performance, and (iii) standard relocation costs and benefits.
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 down -1.55 at 73.45 with 4,919 shares trading hands.
