From news services
CALABASAS, Calif. — A securities filing shows Countrywide Financial Corp. CEO Angelo Mozilo earned about $10.8 million in total compensation and cashed out $121.5 million in stock options last year.
The compensation disclosed in the Securities and Exchange Commission filing released Thursday represents a nearly 80 percent cut from the 70-year-old’s 2006 pay of about $51 million.
The Calabasas-based company reported a yearly loss of $704 million in 2007 amid the nationwide mortgage market meltdown.
It agreed in January to be acquired by Bank of America Corp. for $4.1 billion in stock.
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The SEC has been scrutinizing the timing of Mozilo’s stock sales. Mozilo has said he’s cooperating with the inquiry and has denied making any improper trades.
