Altisource CFO Michelle Esterman leaves post at short notice

  • Push-out Score suggests push-out forces
  • After almost six years on the job
  • Indroneel Chatterjee taking over
  • Esterman will remain as Executive Vice President, Finance at Altisource

(exechange) — Luxembourg, August 09, 2017 — Michelle Esterman, finance chief of Altisource, leaves the position. It is a change at short notice. As announced by Altisource Portfolio Solutions S.A. in a news release and in a regulatory filing published on Wednesday, August 09, 2017, Michelle D. Esterman leaves the post as Chief Financial Officer at the marketplace for the real estate and mortgage industries in a surprising move after almost six years on the job, effective on or around October 1, 2017.

Esterman’s duties are taken over by Indroneel Chatterjee, currently Head of Credit Solutions, Global Markets at Nomura Securities.

The fact that Esterman’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

No reason given

In the announcement, Altisource did not explicitly explain the reason for Esterman’s imminent move, leaving room for speculation.

Esterman will remain as Executive Vice President, Finance at Altisource

“Upon the commencement of Mr. Chatterjee’s employment, Michelle Esterman, the Company’s current Chief Financial Officer, will assume the role of Executive Vice President, Finance. In this role, she will continue to lead the Company’s Accounting, Tax, Treasury, Vendor Management and Facilities functions, with an increased focus on driving operational and cost efficiencies for the Company,” Altisource said.

Share price decline

The change follows a decline in the share price of Altisource Portfolio Solutions S.A. since December 2013.

Chaired by Timo Vättö

Altisource Portfolio Solutions S.A. is chaired by Timo Vättö.

Vättö was appointed to the Board of Directors of Altisource in August 2009 as Lead Independent Director in May 2014 and as Chairman of the Board of Directors in January 2015.

CEO: William B. Shepro

William B. Shepro serves as CEO of Altisource Portfolio Solutions S.A. Shepro was appointed Chief Executive Officer and to the Board of Directors of Altisource in July 2009.

On the job as CFO since 2012

Michelle D. Esterman has been the Chief Financial Officer at Altisource Portfolio Solutions S.A. since March 12, 2012.

Before joining Altisource in March 2012, she served as Senior Manager, Audit & Enterprise Risk Services for Deloitte & Touche LLP since 2003, including a two year rotation with Deloitte Touche Tohmatsu, and in various positions within Deloitte & Touche LLP from 1996 to 2003.

Esterman began her career with Georgia Pacific Corporation in 1994 and is a Certified Public Accountant (Florida).

She holds a Bachelor of Business Administration with a concentration in Accounting and a Master of Accountancy with a concentration in Tax from the University of North Florida.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Michelle Esterman’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 33.2017 ($).