CEO of Countrywide Financial Corporation, Angelo Mozilo has announced that he is going to forfeit his severance pay & perks retirement package which would be close to $37.5 million.
Mozilo has received quite a bit of blame for Countrywide’s present position & has also been scrutinized by SEC (Securities & Exchange Commission) regarding stock sales he had made.
Even after forgoing severance package, he will be left with lot of money as he is going to get a pension & executive retirement plan which in 2006 was estimated to be $23.8 million. Mozilo also has $5.8 million in company stock & $20 million in deferred compensation.
Tuesday, January 29, 2008
Countrywide CEO to forfeit severance package
