RobertB
September 14th, 2007, 06:20 PM
Taken from June 2006 article but relevant now because of the CW problems.
Shareholders Fight For Say On Countrywide CEO Angelo Mozilo's "Godzilla-size" Pay
Alarmed at the excessive compensation package being paid to Countrywide Financial CEO and Chairman Angelo Mozilo, a group of shareholders led by the American Federation of State, County and Municipal Employees (AFSCME) Pension Plan are planning to challenge Countrywide's Board of Directors to give them a say on Mozilo's runaway executive pay.
Mozilo's Countrywide contract provides for guaranteed raises, guaranteed bonuses and guaranteed options worth hundreds of millions of dollars. In 2005, he raked in more than $160 million in pay in his dual role as chairman and CEO of the Calabasas-based mortgage lender, eclipsing the total compensation of executives at larger financial firms, including industry leader Citigroup.
From 2003 to 2005, Mozilo exercised more than 7 million stock options worth in excess of $200 million. As of this year's proxy, he still owns another 10 million in exercisable options worth an additional $200 million.
Last year, Mozilo received a base salary of $2.7 million and was awarded 1.4 million new annual stock options. His contract also guarantees him annual raises of $200,000, regardless of Countrywide's performance, and multimillion-dollar annual pay bonuses (he received a bonus of $19.9 million in 2003, $17.3 million in 2004, and $19.6 million in 2005). Mozilo's contract last year also included $149,794 for personal use of the company jet, $40,282 for country club fees, and $29,750 for tax and investment advice.
http://www.afscme.org/press/6656.cfm
Shareholders Fight For Say On Countrywide CEO Angelo Mozilo's "Godzilla-size" Pay
Alarmed at the excessive compensation package being paid to Countrywide Financial CEO and Chairman Angelo Mozilo, a group of shareholders led by the American Federation of State, County and Municipal Employees (AFSCME) Pension Plan are planning to challenge Countrywide's Board of Directors to give them a say on Mozilo's runaway executive pay.
Mozilo's Countrywide contract provides for guaranteed raises, guaranteed bonuses and guaranteed options worth hundreds of millions of dollars. In 2005, he raked in more than $160 million in pay in his dual role as chairman and CEO of the Calabasas-based mortgage lender, eclipsing the total compensation of executives at larger financial firms, including industry leader Citigroup.
From 2003 to 2005, Mozilo exercised more than 7 million stock options worth in excess of $200 million. As of this year's proxy, he still owns another 10 million in exercisable options worth an additional $200 million.
Last year, Mozilo received a base salary of $2.7 million and was awarded 1.4 million new annual stock options. His contract also guarantees him annual raises of $200,000, regardless of Countrywide's performance, and multimillion-dollar annual pay bonuses (he received a bonus of $19.9 million in 2003, $17.3 million in 2004, and $19.6 million in 2005). Mozilo's contract last year also included $149,794 for personal use of the company jet, $40,282 for country club fees, and $29,750 for tax and investment advice.
http://www.afscme.org/press/6656.cfm