CALABASAS, Calif., Oct. 20 /PRNewswire/ -- Countrywide Financial Corporation , announced today that it has reached an agreement with Chairman & Chief Executive Officer Angelo R. Mozilo to continue in his role through December 31, 2009.
"Angelo's passion for Countrywide is as strong today as it was when he co-founded the Company in 1969, and he is without peer in his knowledge of the industry and the leadership skills he brings to the organization," said Michael Dougherty, Lead Director of Countrywide Financial Corporation. "Since co-founding the Company 38 years ago, Angelo has been the driving force behind Countrywide's extraordinary growth and success, and we are delighted that he will be continuing in his role," added Mr. Dougherty.
Under Mr. Mozilo's leadership, Countrywide has become a leading diversified financial services company with a market capitalization of more than $20 billion, and over 55,000 employees. Countrywide is the number one mortgage lender in the U.S.*
During the past decade, Countywide has delivered consistent value and returns to its shareholders, including:
* Net earnings have achieved a compounded annual growth rate of 29%;
* Market capitalization has gone from just over $2 billion, to more than
$20 billion;
* The Company's stock price has appreciated 600% vs. 106% for the S&P 500
(for the period 12/29/95 through 6/30/06);
* Total return to shareholders has been 688% vs. 145% for the S&P 500
(for the period 12/29/95 through 6/30/06).
"Countrywide's long-term prospects for growth and profitability are extremely strong, and I am privileged to continue to lead this extraordinary organization," said Angelo R. Mozilo. "Countrywide's success is the result of the depth and talent of our world-class management team and employees. I appreciate the Board of Directors' continued confidence in me, and look forward to working with them and the senior management team to deliver value to our customers, opportunities to our employees, and returns to our shareholders," added Mr. Mozilo.
* As ranked for 2005 by Inside Mortgage Finance (January 27, 2006), Copyright 2006.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation is a member of the S&P 500 and Fortune 500. Through its family of companies, Countrywide provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime-quality loans. Also included in Countrywide's mortgage banking segment is the LandSafe group of companies that provide loan closing services. Diversified financial services encompass capital markets, banking, insurance, and global, largely through the activities of Countrywide Capital Markets, a mortgage-related investment banker; Countrywide Bank, a division of Treasury Bank, N.A., a banking entity offering customers CDs, money market accounts, and home loan products; Balboa Life & Casualty Group, whose companies are national providers of property, liability, and life insurance; Balboa Reinsurance, a captive mortgage reinsurance company; and Global Home Loans, a European mortgage banking joint venture in which Countrywide holds a majority interest. For more information about the Company, visit Countrywide's Web site at http://www.countrywide.com/.
