Frederiksted, V.I., USA - June 22, 2015, Frederiksted, V.I., USA - Altisource Residential Corporation announced that Ashish Pandey has decided to step down as chief executive officer from June 30, 2015.
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Mr. Pandey has served as the Chief Executive Officer of Residential since December 2012 by virtue of his position as the Chief Executive Officer of AAMC. Prior to joining the company, he served as the Chief Executive Officer of Correspondent One, an affiliate of Altisource engaged in the acquisition and secondary marketing of government loans.
Mr. Pandey previously served as Executive Vice President of Ocwen from July 2008 to August 2011 and was responsible for the oversight of asset management vehicles and capital deployment for mortgage servicing portfolio acquisitions for Ocwen.
Mr. Pandey served as Treasurer and Director of Corporate Strategy from February 2005 to July 2008 for Ocwen. From May 2002 to October 2003, Ge served as an Associate Consultant with Tata Strategic Management Group.
Mr. Pandey holds a Bachelor’s of Science in Engineering from the S.G.S. Institute of Technology and Science and a Masters of Business Administration from the Indian Institute of Management
George G. Ellison, the Company’s current President, was appointed to serve as the Company’s Chief Executive Officer.
Mr. Ellison has served as company's President since March 31, 2015 and as Chief Executive Officer of AAMC since February 17, 2015. Prior to joining AAMC, he had been employed for 19 years at Bank of America and its predecessor, NationsBank.
Mr. Ellison held several roles over his career at Bank of America, most recently being 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.
Prior to his most recent roles, Mr. Ellison was Global Head of the Structured Products division within Bank of America's Investment Banking platform. His responsibilities involved all Structured Products including RMBS, ABS, ABCP Conduit and CMBS securities, among others. ■