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Pension Plan Wants Countrywide CEO Out
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Posted on
Oct 22 2007 5:47 AM
by
Asif
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A pension plan that owns shares of Countrywide Financial Corp. has asked the mortgage lender's board to oust Chairman and CEO Angelo Mozilo amid criticism of the company's management and a sharp decline this year in its stock price.
The Washington D.C.-based American Federation of State, County and Municipal Employees, which counts 1.4 million members, asked the board to replace Mozilo with two independent directors to the board in a six-page letter sent late Thursday.
In its letter, the union-affiliated pension plan called on the Calabasas-based company............
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