Wesley G. Iseley
About Wesley G. Iseley
Wesley G. Iseley (age 66) was nominated as a lender nominee and elected to the Altisource (ASPS) Board on May 13, 2025. He currently serves as Senior Managing Director at Carrington Holding Company (since Nov 2018) and previously held senior roles at Carrington Investment Services, Carrington Mortgage Services (President, 2008–2016), and Morgan Stanley; he holds a B.A. in Finance from the University of Kentucky . The Board indicated it expects lender nominees, including Mr. Iseley, to qualify as independent directors under Nasdaq Rule 5605(a) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Carrington Mortgage Services | President | 2008–2016 | Led transformation into leading mortgage servicing provider; expanded into retail/wholesale lending |
| Carrington Investment Services | EVP | Pre-2018 | Managed investor relations; led business development for MSRs and real estate vehicles |
| Morgan Stanley | Senior leadership | Prior to 2008 | Mortgage servicing, third‑party originations, risk management focus |
External Roles
| Organization | Role | Tenure | Nature | Committees/Impact |
|---|---|---|---|---|
| Carrington Holding Company | Senior Managing Director | Nov 2018–present | Diversified real estate services firm | Oversees Vylla Companies; leads business development across businesses |
No other public company directorships for Mr. Iseley are disclosed in the proxy .
Board Governance
- Election and independence: Elected at the 2025 Annual General Meeting; Board expects lender nominees to qualify as independent under Nasdaq Rule 5605(a) .
- Committee assignments: As of the March 17, 2025 record date, lender nominees (including Mr. Iseley) did not yet have committee assignments (N/A across committees in the nomination table) .
- Attendance standards: Directors must attend at least 75% of Board/Committee meetings to vest annual RSU awards; in 2024 the Board met 14 times and each director met or exceeded 75% attendance; independent directors held four executive sessions .
- Lead Independent Director: Roland Müller‑Ineichen serves as Lead Independent Director .
Fixed Compensation (Director)
| Component | Amount ($) | Notes |
|---|---|---|
| Annual cash retainer (non‑management directors) | $54,000 | Paid quarterly |
| Chairman of the Board (if non‑management) | $100,000 | Not applicable to current Chair (management) |
| Audit Committee Chair | $25,000 | Annual |
| Compliance Committee Chair | $17,500 | Annual |
| Compensation Committee Chair | $15,000 | Annual |
| Nomination/Governance Chair | $12,500 | Annual |
| Audit Committee member (non‑chair) | $10,000 | Annual |
| Compliance Committee member (non‑chair) | $10,000 | Annual; not paid to management directors |
| Compensation Committee member (non‑chair) | $7,500 | Annual |
| Nomination/Governance member (non‑chair) | $5,000 | Annual |
Performance Compensation (Director)
| Service Year | Equity Award Value ($) | Shares Granted (if ≥75% attendance) | Pricing Basis | Vesting Condition |
|---|---|---|---|---|
| 2023–2024 | $120,000 | 28,037 | Avg. high/low on May 17, 2023 | Vests end of service year with ≥75% attendance |
| 2024–2025 | $120,000 | 65,574 | $1.83 (avg. high/low on May 31, 2024) | Vests end of service year with ≥75% attendance |
| New Director Equity | Shares | Vesting Schedule |
|---|---|---|
| One‑time restricted share grant | 500 | Four equal installments at the next four AGMs (initial portion vests at first AGM post‑grant) |
The Compensation Committee oversees director compensation and equity plan administration; members in 2024 were Mary C. Hickok (Chair) and Roland Müller‑Ineichen .
Other Directorships & Interlocks
| Entity | Type | Role | Overlap/Interlock |
|---|---|---|---|
| None disclosed | — | — | No public company boards disclosed for Mr. Iseley |
- Nomination context: UBS Asset Management (Americas) LLC, beneficial owner of 22.56% of ASPS common stock, proposed Mr. Iseley as its lender nominee; vetted and approved by the Nomination/Governance Committee .
Expertise & Qualifications
- Financial services and mortgage servicing leadership (Carrington Mortgage Services President; business development in MSRs and real estate vehicles) .
- Capital markets and risk management experience from Morgan Stanley (servicing, third‑party originations, risk focus) .
- Strategic growth, acquisitions, business development across diversified real estate services (Vylla; Carrington Holding Company) .
- Education: B.A. in Finance, University of Kentucky .
Equity Ownership
- Beneficial ownership: Mr. Iseley was a nominee at the March 17, 2025 record date; individual director holdings table in the proxy does not include lender nominees, so his beneficial ownership was not disclosed there .
- Pledging/hedging: Company policy indicates no shares have been pledged as security by Named Executive Officers or Directors; the proxy’s security ownership section notes no pledging as of the record date .
- Stock ownership guidelines: Non‑management directors must attain and maintain stock ownership equal to three times their annual cash retainer within two years of becoming subject to the policy .
Governance Assessment
-
Strengths
- Independence and vetting: Board expects lender nominees (including Mr. Iseley) to meet Nasdaq independence standards; nominees vetted and approved by Nomination/Governance Committee .
- Relevant industry expertise: Deep mortgage servicing and real estate operations background enhances Board oversight in ASPS’s core markets .
- Alignment mechanisms: Minimum ownership guidelines (3x retainer) and attendance‑based equity vesting promote director alignment and engagement .
-
Risks and RED FLAGS
- Major shareholder influence: Mr. Iseley’s nomination by UBS Asset Management, a 22.56% beneficial owner, signals potential influence dynamics; ongoing monitoring of independence and related‑party oversight is warranted .
- Committee roles TBD: No committee assignments as of the record date; effectiveness will depend on eventual committee placement and attendance .
- Related‑party exposure: Mr. Iseley’s current role at Carrington (industry overlap with ASPS’s customers) is not cited as a related‑party transaction; Audit Committee is the reviewer of any related person transactions, but none are disclosed for Mr. Iseley—monitor for future disclosures .
Shareholder Voting Signals (2025 AGM)
| Director | For | Against | Abstentions | Broker Non‑Votes |
|---|---|---|---|---|
| Wesley G. Iseley | 57,797,474 | 115,997 | 15,644 | 4,222,347 |
- Say‑on‑Pay approval (non‑binding): For 57,577,051; Against 327,550; Abstentions 24,514; Broker Non‑Votes 4,222,347 .
Executive sessions of independent directors were held four times in 2024; the Board met 14 times, and all directors (serving during 2024) met the ≥75% attendance threshold .
Notes on Board Committees (Context)
- Audit Committee (2024): Roland Müller‑Ineichen (Chair), Mary C. Hickok, Joseph L. Morettini; financially literate and audit committee financial experts; met 10 times, with multiple executive sessions with internal/external auditors .
- Compensation Committee (2024): Mary C. Hickok (Chair), Roland Müller‑Ineichen; oversees director and executive compensation and equity plan administration .
Altisource maintains a Code of Business Conduct and Ethics; the Board reviews it annually (last reviewed Dec 2024) . Majority voting for directors; annual elections; no poison pill; shareholder engagement mechanisms disclosed .
RED FLAGS Summary
- Lender nominee proposed by a 22.56% holder (UBS Asset Management) raises potential governance influence concerns; independence monitoring is key .
- Committee assignments not specified as of record date; effectiveness assessment pending actual committee placement and attendance .