[Correction: A previous version of this article stated that Altisource Residential was spun off of Ocwen Financial. Altisource Residential was actually spun off of Altisource Portfolio Solutions. The article is now updated.]
Ashish Pandey, who has served as the chief executive officer of Altisource Residential Corporation (RESI) since the company was spun off from Altisource Portfolio Solutions (ASPS), in 2012, is stepping down
The company announced Pandey’s departure in a release sent to investors late Thursday.
According to the release, Pandey’s last day with Altisource Residential will be June 30. The release states that Pandey is leaving Altisource Residential to “pursue personal interests” in India.
Filling Pandey’s role as CEO will be George Ellison, who joined the company in Feb. 2015 and previously served as the Altisource Residential’s president.
Ellison also serves as the CEO of Altisource Asset Management Corporation (AAMC), which, according to the company's website, exists solely to provide “portfolio management and corporate governance services” to Altisource Residential.
According to the companies, Pandey will also step down from his position as executive chairman of the board of Altisource Asset Management Corporation.
Ellison will be elevated to chairman of the board of directors of Altisource Asset Management Corporation to replace Pandey.
"We wish Ashish well in his new endeavors and thank him for his valuable contributions in building Residential's business," stated David Reiner, chairman of Altisource Residential. "We are excited to continue Residential's growth story under the leadership of George Ellison."
Pandey previously served as chairman of both companies after the companies’ founder, William Erbey, was forced to resign from his positions as chairman of Ocwen Financial (OCN), Altisource Portfolio Solutions, Altisource Residential Corporation, Altisource Asset Management Corporation, and Home Loan Servicing Solutions, as part of a $150 million settlement with the New York Department of Financial Services over allegations into the company’s servicing practices and its relationships with its affiliated companies.
Ellison joined Altisource Asset Management in February from Bank of America (BAC). During his 19 years at Bank of America, Ellison held several executive roles. Most recently, Ellison was the executive leading the team that managed the valuation and disposition of Bank of America's legacy mortgage loan portfolio and a leading member of Bank of America's Special Initiatives team that worked to resolve Bank of America's representation and warranty litigation.
While at Bank of America, Ellison was a named defendant in a lawsuit brought by the Federal Housing Finance Agency against Bank of America over claims that the bank sold toxic mortgages to Fannie Mae and Freddie Mac from 2005 to 2007.
That lawsuit was settled in March 2014 for $9.33 billion.
Altisource Asset Management Corporation also announced that it is adding depth and hiring senior personnel in several areas, including five recent senior hires in finance, portfolio management and capital markets to strengthen its management and support teams.
Ellison said that the companies wish Pandey well, adding that the companies’ foundations are strong due to Pandey’s efforts.
"We believe the future is bright for Residential in large part because of the work and vision of Ashish," Ellison said. "Although Ashish’ contributions and vision will be missed, we have undertaken significant efforts to strengthen AAMC's talent pool with a deeply experienced team to continue and evolve Residential's business and growth strategy."
