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Altisource Residential Corporation recently announced in a press release that Ashish Pandey has decided to step down as CEO of the company, effective June 30, 2015. Pandey stated that he will purse personal interests in India following his departure from Altisource.
The company's Board of Directors appointed George G. Ellison, the current president of Altisource, to serve as the new CEO. This will be effective upon Pandey's departure, the company noted.
"We wish Ashish well in his new endeavors and thank him for his valuable contributions in building Residential's business," said David B. Reiner, chairman of Altisource. "We are excited to continue Residential's growth story under the leadership of George Ellison."
"We believe the future is bright for Residential in large part because of the work and vision of Ashish," said George Ellison. "Although Ashish 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."
The company also announced that its asset manager, Altisource Asset Management Corporation will add to their team by hiring senior personnel on all fronts, including five recent senior hires in finance, portfolio management, and capital markets, according to Altisource. These new hires will serve the interests of Residential. In addition, the company's Board of Directors has declared a quarterly cash dividend of $0.55 per share of common stock. Residential will pay this quarterly dividend on July 15, 2015 to all stockholders of record as of the close of business on June 30, 2015.
Altisource Residential is focused on providing affordable rental homes to families throughout the United States, the press release stated. It acquires single-family properties primarily through the purchase of distressed mortgage loan portfolios. Residential's strategy is to work with borrowers to modify and refinance loans to keep them in their homes, and it seeks to convert the majority of remaining loans into renovated rental properties.
