Altisource Asset Management (AAMC) Announces Immediate Termination of CEO Indroneel Chatterjee

On April 16, 2021, the Board of Directors (the “Board”) of Altisource Asset Management Corporation (NYSE: AAMC) 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.

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