Countrywide’s Heir Apparent Gets $160 Million for Being Fired

CALABASAS, Calif. – Countrywide Financial, know for its well-payed executives and directors, reported Friday that Sanford Kurland its former president and chief operating officer, took home more than $160 million last year–for just nine months work. Kurland, who was fired last September 7, realized $109 million on his outstanding options that were vested upon his termination, and another $42.5 million in compensation, according to the company’s annual proxy statement field with the Securities and Exchange Commission. That included: s salary of $1.5 million; option awards worth $15 million; and retirements benefits totaling $25.7 million. In addition, Kurland will be paid $15.75 million severance; a $6 million bonus, among other compensation. The 54-year-old Kurland, chief operating officer of Countrywide since 1988 and was named president in 2004, was widely seen as the heir apparent to co-founder and CEO Angelo Mozilo until the two had a falling out, leading to Kurland’s exit.