Altisource Portfolio Solutions Chairman William Erbey Steps Down - Quick Facts

(RTTNews) - Altisource Portfolio Solutions S.A. (ASPS) announced that William Erbey, 65, is stepping down from his position as Director and Chairman of the Board of Directors of Altisource and that Timo Vättö, 50, has been appointed as Chairman, effective January 16, 2015.

Erbey, who served as Director and Chairman of Altisource since August 2009, continues to be Altisource's largest shareholder, and stepped down in connection with the Consent Order entered into by Ocwen Financial Corporation with the New York Department of Financial Services.

Vättö has been a member of the Altisource Board of Directors since August 2009 and has served as Lead Independent Director since May 2014. He will continue to serve as a member and Chairman of the Compensation Committee, a member of the Audit Committee, a member of the Nomination/Governance Committee and a member of the Compliance Committee.

In a separate press release, Altisource Residential Corp. (RESI) announced that William Erbey is stepping down from his position as Director and Chairman of the Board of Directors of the Company, effective January 16, 2015. The Company also announced that David B. Reiner, a current independent Director of the Company, has been appointed Chairman, effective January 16, 2015.

Reiner has been a Director of Residential and has served as the Chairman of the Compensation Committee and a member of the Audit Committee and Nomination/Governance Committee since 2012.

Separately, Altisource Asset Management Corp. (AAMC) announced that William C. Erbey is stepping down from his position as Director and Chairman of the Board of Directors of the Company, effective January 16, 2015. The Company also announced that Ashish Pandey, Chief Executive Officer, has been appointed Chairman, effective January 16, 2015.