Mozilo Gives Up Rights to $37.5M

Angelo Mozilo, Countrywide Financial Corp.'s chairman and chief executive, has announced that he will voluntarily relinquish his rights to about $37.5 million in compensation in connection with the proposed merger of Countrywide and Bank of America. The compensation, in the form of severance payments, post-closing consulting fees, and continued perquisites, is provided under his employment agreement with Countrywide and the related consulting arrangement, Countrywide said. The company added that Mr. Mozilo will not receive any cash payments in the merger or upon any related termination of employment other than "amounts that he has already earned in full," such as retirement benefits and deferred compensation. "I believe this decision is the right thing to do as Countrywide works toward the successful completion of the merger with Bank of America," Mr. Mozilo said. The company can be found online at http://www.countrywide.com.