CEO gets retirement benefit without retiring

[Omaha Steve]

http://www.latimes.com/business/investing/la-fi-mozilo25oct25,1,7596750.story?coll=la-headlines-business-invest

CEO gets retirement benefit without retiring
Countrywide promises Angelo Mozilo millions to make up for pension pay he'll be giving up.
By Kathy M. Kristof, Times Staff Writer
October 25, 2006

By agreeing to stay at the helm of Countrywide Financial Corp., Chief Executive Angelo R. Mozilo will get an unusual sweetener: as much as $10 million to compensate him for the pension income he would have earned in retirement over the next three years, according to a regulatory filing Tuesday.

Patrick McGurn, executive vice president of Institutional Shareholder Services and a critic of rich executive pay plans, said he had never heard of such an arrangement in years of scrutinizing corporate proxy filings.

"This is the ultimate in CEO moxie — a CEO demanding that in addition to being paid for his service, he gets reimbursed for the retirement income that he would have received if he were retired," McGurn said. "He made the decision to forgo retirement payments because he's being paid to work…. This borders on the ridiculous."

Countrywide officials declined to comment on the pay plan. But there were few complaints on Wall Street.

FULL story at link above.

[sam sarrha]

1. is that called 'Larceny'..?? he should retire in San Quentin

[angstlessk]

2. "few complaints on Wall Street"...a new precident...get pay & retirement

at the same time...and THEY are going to COMPLAIN? MORE THEFT ON WALL STREET THAN ANY ARMED ROBBER COULD EVER HOPE TO STEAL!

[aquart]

3. Probably without working either.

They do, however, have difficult business lunches.

[quiet.american]

4. I'm sick of this crap. Meanwhile, they begrudge a person $7.25/hr. n/t

[Melynn]

5. I'm not surprised

This corporate racketeers are going to get all they can while BushCo is in power. They know once Bush leaves office it is going to be harder to get away with this stuff.

[Haole Girl]

6. Nice...

...guess we should expect layoffs of the lowest paid, hardest working, new hires at Countrywide soon. Somebody has to pay for this, right?

[girl gone mad]

7. Meanwhile...

Countrywide is laying off 2500 employees to save $500 million.

This bozo made $160 million last year and cashed in $200 mil. more in stock options. Countrywide could have saved $350 million just by firing this one guy.

[The Anti-Neo Con]

8. Oh they can't have that.

Their poor CEO is SOOOO underpaid!:sarcasm: