Pension Plan Wants Countrywide CEO Out

[Omaha Steve]

Source: AP

LOS ANGELES (AP) — 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 to also replace its executive compensation committee with people who have not played a role in the committee's actions.

"Adding new independent directors is a way for stockholders to change an atmosphere that allows a dominant dual-role chairman and CEO to operate without appropriate checks and balances," Gerald W. McEntee, president of the union and chairman of its pension plan, wrote in the letter.

Read more: http://money.excite.com/jsp/nw/nwdt_rt_top.jsp?news_id=ap-d8sd80000&

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I am a very proud AFSCME member today!

[rucky]

1. Not to mention Mozilo is under investigation...

for insider trading.