CALABASAS, Calif., March 30 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation announced today that Michael E. Dougherty has decided not to stand for re-election, and Kathleen Brown has decided to leave the Company's Board of Directors. Mr. Dougherty will continue as a Director through the remainder of his term, which expires at the upcoming annual meeting. Ms. Brown's resignation will be effective immediately.
"On behalf of the entire Board of Directors and management team, I am deeply grateful to both Mike and Kathleen for their service to Countrywide's Board of Directors. Each of them has provided the highest quality counsel and insight in fulfilling their responsibilities as Board members," said Angelo R. Mozilo, Chairman and Chief Executive Officer of Countrywide Financial Corporation. "However, given the other important professional and community responsibilities in which both Mike and Kathleen are so actively engaged, I understand and respect their decisions," added Mr. Mozilo.
"Throughout his nine years as a Director, Mike has been a tremendous asset to Countrywide and a valued member of the Board," Mozilo continued. "During his tenure, the Company's loan origination and servicing businesses have grown exponentially and net earnings have increased from $385 million to $2.7 billion. Mike's leadership and business savvy were instrumental in helping Countrywide achieve its track record of success. "Since joining the Board in 2005, Kathleen has also made significant contributions to the company's governance, risk management and strategic growth initiatives. Her financial background was particularly valuable in conjunction with her service on the Board's Credit and Finance Committees, and her insights will be missed," Mr. Mozilo added.
Following the departures of Mr. Dougherty and Ms. Brown, the Board will be reduced from 11 to nine members, eight of whom will be independent.
Mr. Dougherty is the founder and Chairman of Dougherty Financial Group LLC, which was formed in 1977. He also controls and operates several asset management, securities and commercial lending businesses, including Galway Bay Investments, Dougherty Management Company, Inc., Segall Bryant & Hamill, Lakeside Investment Partners LLC, The Clifton Group Investment Management Company, Turnstone Group LLC, and Dougherty Funding LLC. Mr. Dougherty was the Chairman of the Public Securities Association in 1991 and 1992, and he previously served on the board of directors of Countrywide Bank, FSB. He served as a director of Definity Health Corporation until November 2004, when that company was acquired by UnitedHealth Group and as Chairman of Allina Hospital and Clinics until 2006. Mr. Dougherty is also a trustee of the University of St. Thomas in St. Paul, Minnesota, and a director of the University of Minnesota Physicians Group.
Ms. Brown is the head of West Coast Municipal Finance at Goldman Sachs & Co. Ms. Brown has held other positions at Goldman since she joined that firm in 2001, including Senior Private Wealth Management Advisor. From 1991 to 1995, she served as Treasurer of the State of California. In addition, she has served as co-chair of the Presidential Commission on Capital Budgeting and as a member of the Los Angeles Unified School District board of trustees. Ms. Brown was also an attorney with O'Melveny & Myers, LLP and was President of the Private Bank in the Investment Management Group at Bank of America. She currently serves on the board of directors of the Los Angeles Chamber of Commerce, and formerly served on the boards of directors of The Children's Hospital of Los Angeles, the California Women's Foundation and the California Endowment.
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, FSB, 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; and Balboa Reinsurance, a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's Web site at http://www.countrywide.com/.
