John G. Aldridge, Jr.
About John G. Aldridge, Jr.
Independent director since 2022; age 56. Founder and Managing Partner of Aldridge|Pite, LLP, a multi-state law firm serving banks, financial institutions, mortgage servicers, and institutional investors; Senior Partner at Aldridge|Pite|Haan, LLP; previously founded/owned/sold companies in title, trustee, service of process, and technology/business process consulting. Education: B.S. Political Science, University of North Carolina at Chapel Hill; J.D., Emory University School of Law. Board biography notes deep mortgage industry relationships and frequent speaking roles; currently sits on the board of a privately held title company. Independent status affirmed in 2023–2024 proxies.
Past Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Aldridge | Pite, LLP | Founder & Managing Partner | Not disclosed |
| Aldridge | Pite | Haan, LLP | Senior Partner |
| Various real estate-related companies (title, trustee, service of process, tech/TaaS, consulting) | Founder/Owner/Operator (sold) | Not disclosed | Operational and tech/process experience in real estate life cycle |
External Roles
| Organization | Role | Tenure | Committees / Notes |
|---|---|---|---|
| Privately held title company | Director | Current (not disclosed) | Board service disclosed in biography |
| United States Foreclosure Network (industry board) | Director (most recent) | Not disclosed | Industry network governance, mortgage/real estate focus |
Board Governance
- Committee leadership: Compliance Committee Chair since May 17, 2022; Compliance Committee met 4 times in 2022.
- 2024 committee composition: Compliance Committee members were Aldridge (Chair) and Shepro; Compensation Committee met 8 times in 2024 (demonstrates active committee cadence).
- Independence: Listed as independent director in 2023 and 2024 director slates.
- Director since: 2022; proposes five nominees with Aldridge continuing as director in 2025 slate.
| Governance Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Compliance Committee Chair (Yes/No) | Yes (from May 17, 2022) | Yes | Yes | Yes |
| Compliance Committee membership noted | Yes | Yes | Yes (with Shepro) | Yes |
| Independent (Yes/No) | — | Yes | Yes | — |
Attendance signal: Non-management directors receive an annual stock award only if they attend ≥75% of board/committee meetings; Aldridge received such awards in 2023 and 2024, implying threshold met.
Fixed Compensation
| Year (Service Year) | Fees Earned or Paid in Cash ($) | Total Compensation ($) |
|---|---|---|
| 2023 (for service during 2023) | $71,500 | $121,641 |
| 2024 (for service during 2024) | $71,500 | $119,895 |
- Cash compensation is paid quarterly, established on a service year basis (AGM to next AGM).
Performance Compensation
| Year (Service Year) | Stock Awards ($) | Award basis | Award timing |
|---|---|---|---|
| 2023 (for 2022–2023 service year) | $50,141 | ≥75% meeting attendance required | Awarded May 2023 |
| 2024 (for 2023–2024 service year) | $48,395 | ≥75% meeting attendance required | Awarded May 2024 |
One-time initial equity grant and vesting:
- Initial grant: 500 shares at initial election date; vest in four equal installments (125 shares each) on the dates of the 2023, 2024, 2025, and 2026 AGMs, contingent on continued service. As of December 31, 2024, 250 shares remained unvested.
| Vesting Milestone | Shares Vesting | Status |
|---|---|---|
| 2023 AGM | 125 | Vested |
| 2024 AGM | 125 | Vested |
| 2025 AGM | 125 | Scheduled |
| 2026 AGM | 125 | Scheduled |
| Unvested as of 12/31/2024 | 250 | Outstanding |
Note: As of December 31, 2023, Aldridge held 28,412 unvested shares (reflecting large share counts due to low stock price for attendance-based director stock awards).
Other Directorships & Interlocks
| Entity | Relationship to ASPS | Transaction Details | Conflict Review |
|---|---|---|---|
| Aldridge | Pite, LLP | Vendor | Received $660,358 from Altisource in 2023 for eviction services |
- Aldridge|Pite client base includes the 30 largest servicing/financial institutions and government enterprises in the mortgage industry, overlapping with Altisource’s ecosystem; potential perceived interlocks or information flow advantages.
Expertise & Qualifications
- Mortgage servicing and default/collections law domain expert; extensive senior-level relationships across origination/servicing.
- Education: B.S. UNC Chapel Hill; J.D. Emory University School of Law.
- Board and industry leadership: US Foreclosure Network; frequent conference speaker.
Equity Ownership
| Metric | As of Apr 3, 2024 | As of Mar 17, 2025 |
|---|---|---|
| Shares held directly | 60,230 | 88,392 |
| Restricted shares scheduled to vest within 60 days | 125 | 125 |
| Total beneficial ownership (shares) | 60,355 | 88,517 |
| Ownership % of outstanding | Less than 1% (*) | Less than 1% (*) |
| Shares pledged as collateral | None (per company policy) | None (per company policy) |
(*) Less than 1% designation per proxy tables.
Section 16 compliance:
- Company believes all Section 16 filing requirements were met in 2024, except one late filing by another director (Mary C. Hickok); no delinquencies attributed to Aldridge.
Governance Assessment
-
Strengths
- Independent director with deep mortgage/legal expertise; brings client relationship network valuable to Altisource’s vertical.
- Consistent leadership as Compliance Committee Chair since 2022; active committee cadence (e.g., Compliance Committee met four times in 2022; Compensation Committee met eight times in 2024).
- Attendance alignment: receipt of attendance-contingent stock awards in 2023 and 2024 indicates ≥75% meeting participation.
- Ownership alignment: meaningful personal stake (88,517 shares as of 3/17/2025) with no pledged shares.
-
RED FLAGS / Monitoring Items
- Related-party exposure: Aldridge|Pite LLP received $660,358 in fees from Altisource in 2023 (eviction services). While subject to Audit Committee policies and the Code of Conduct review process, this represents a potential conflict of interest that warrants ongoing oversight.
- Board composition dynamics: 2025 slate includes two lender nominees tied to significant new ownership blocks; monitor independence and committee autonomy amid capital structure changes.
-
Net view: Aldridge strengthens compliance oversight and sector connectivity, but the ongoing vendor relationship with his law firm is a governance sensitivity. Ensure robust recusal practices and independent committee review on any Aldridge|Pite engagements.