By Ben Glickman
Shares of Altisource Asset Management rose late Tuesday after the company named former Ocwen Financial executive William Erbey as its next chief executive.
The stock was up 14%, to $4.80, in after-hours trading Tuesday, following a 3.2% slide during regular trading hours. Shares are down 65% this year.
The company has faced a series of executive resignations, the most recent of which was the departure of operating chief and interim CEO Danya Sawyer earlier this month. Former CEO Jason Kopcak resigned in August, followed by then-finance chief Stephen Krallman.
The company said that Erbey, 74 years old, would serve as CEO and chairman of the company effective Dec. 21.
Erbey has served as CEO of Salt Pond Holdings since December 2012. He previously was executive chairman and CEO for Ocwen, and previously served as CEO of Altisource from March 2012 to January 2015.
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