Countrywide CEO to get $10 million in stock
According to a regulatory filing LA Times reports: Countrywide Financial Corp.'s chief executive Angelo Mozilo and president David Sambol will receive a combined $19 million in stock next week as part of the company's pending takeover by Bank of America Corp.
The payments, described as “performance-based” stock rights and grants, are required by agreements the executives struck with Countrywide less than a year before the sub-prime meltdown forced the mortgage lender to sell itself.
Mozilo, who is expected to retire after the takeover, previously agreed to give up $36.4 million in cash severance benefits. But after his departure he will receive payments of stock valued at $10 million, company-paid life and health benefits worth $21,084 and medical benefits worth an estimated $85,000.
Bank of America, which is in the process of acquiring California-based Countrywide for about $4 billion in stock also disclosed in the filing that it would pay Sambol $28 million to stay with the company.
The bank wants Sambol to lead its consumer mortgage business when the deal is complete.
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