http://latimesblogs.latimes.com/laland/2008/01/mozilo-severanc.html If he engineers a sale of battered Countrywide Financial to Bank of America, Countrywide CEO Angelo Mozilo stands to walk away with a severance package worth more than $110 million, the Los Angeles Times' Kathy Kristof reports tonight. Such a payout would come on top of huge gains Mozilo has made selling Countrywide stock during the mortgage crisis. As the mortgage industry went into a nose dive in late 2006 and 2007, Mozilo cashed out about $140 million in stock options, becoming one of the highest-paid executives in the country, the L.A. Times reported in November. The newspaper reports tonight that in his contract agreement, which extended the 69-year-old's employment contract through 2009, Mozilo was guaranteed three times his base salary, plus a cash payment equal to three times the greater of his average bonus or the incentive bonus paid the previous year. Net value: $87.8 million. In addition, Mozilo has two pensions that his severance agreement gives him the right to receive as a lump sum upon his departure. Those pensions were worth $24 million as of December 2006, the last time the company was required to report their value. There is more. The Times reports Mozilo would receive continuing health benefits for life for himself and his spouse, three years of life and financial planning benefits, and "tax-gross-up payments" to compensate him for any penalties he'd have to pay for receiving payments the IRS might consider excessive. Given the slashing of 10,900 jobs at Countrywide this year, and the 81% decline in Countrywide stock over the last year, it is likely Mozilo's severage package will prove more controversial than his previous stock sales.
he'll probably move on to become a tanning salon franchisor. Not only will he be the president, but he'll also be a customer.
The guy beats GEORGE HAMILTON when it comes to tanning. His relentless selling/cashing his stock lead to countrywide's demise in part.
In a recent interview on tv he was asked about selling off so much of his shares during the mortgage crisis.......his response was that he had grandchildren that were needing to go to college........ ( what can you say after that?).
Mozilo is a DISGUSTING example of Corporate America. In my opinion he belongs in the "Waste Management" business, perhaps partners with "Two Finger Tony", if you know what I mean.
It was sheer self survival. Somehow Mozillo knew he can't battle this real estate downcycle this time and the compnay will go, so he folded his tent and went away... smart? , YES?
Funny how they were passing around wristbands at Countrywide that said "Protect Our House" or some crap, while at the same time Mozilo was running around dumping shares and beefing up his severance package. Cut almost 11,000 jobs and that's okay, but damn it, gotta make sure Mozilo gets his severance pay. lol His tanning bill must be outrageous though, so I guess I can see where they're coming from.
He is a crooked CEO, looks after himself first. He milked countrywide and left it when it was at it worst. Not a success story there. He is a classic pump and dump operative. Mozillio and George Hamilton will go to Bahamas now and lay on the beach full time.
Yeah that's true. Classic corporate America. LOL on the beach part. That ought to save him a few $$$ on tanning bed memberships/bulb replacements.