Countrywide Rejects ‘Say-on-Pay’ Bid to Reign in Executive Compensation

CALABASAS, Calif. – Countrywide Financial Corp. said yesterday that stockholders at its annual meeting Wednesday rejected a proposal to give shareholders a say in the compensation of its top executives, among the highest paid in the country. Meantime, Angelo Mozilo, the CEO and co-founder of the huge mortgage bank, reported he earned almost $2 million on the same day by exercising options, the second $2 million day this week for Mozilo. Mozilo has earned almost $85 million so far this year, including $75 million with the exercise of options, and he has earned more than $350 million over the past three years. The company campaigned against the ‘say-on-pay’ proposal, saying it has already taken steps to reduce Mozilo’s salary and bonus this year.