Altisource Asset Management Corp. (NYSE American: AAMC) announced the resignation of CEO Jason Kopcak.
While the company did not offer a specific reason for Kopcak’s departure, his exit comes as AAMC continues to focus on reducing costs and streamlining operations through what it described as an “across-the-board employee right-sizing, considerably reducing annual payroll costs.” These changes include the closing of its Tampa facility, reducing costs tied to third-party professional services and reducing reliance on short-term lines of credit.
AAMC is in the midst of ongoing financial challenges, with the company reporting a second quarter net loss of $3.8 million earlier this month.
“Our restructuring and cost reduction efforts are well underway,” said Board Chairman Ricardo Byrd. “These are pivotal steps forward which we believe will facilitate a sustainable mortgage operation.”
The company has named Chief Operating Officer Danya Sawyer as its interim CEO. Kopcak served as CEO since May 2022 – he previously held managing director positions at Morgan Stanley, Nomura and Cantor Fitzgerald. In the wake of his leaving AAMC, he started Kopcak & Co., a consultancy focused on advising banks and specialty lenders in the capital markets.
Headquartered in Christiansted in the U.S. Virgin Islands, AAMC acquires, originates and manages mortgage loans, mortgage-backed securities and equity investments in underserved markets.
