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Friday, Mar 29, 2024

Valley’s Worst-Performing Executives

Forbes has released its annual CEO compensation report, ranking chief executives of publicly-held companies on their paychecks and rating how much bang for the buck they gave their shareholders. Countrywide’s Angelo Mozilo earned the title of least efficient CEO, coming in dead last out of the 175 execs that were eligible in the pay for performance rankings. He was also called out as the fourth best-compensated, although to be fair Forbes was using data from 2006 which was a much better year, salary-wise, for the company’s founder. According to a 10k filed with the SEC on April 24, Mozilo’s total direct compensation for 2007 was just under $11 million, which doesn’t include a $10 million “employment term extension award” given to thank Mozilo for putting off his planned retirement for another three years. It also doesn’t reflect the $121 million he reaped from selling Countrywide stock. In addition to performing worse than other companies in its sector, Forbes reported that since Mozilo took over as top executive in February 1998, Countrywide has trailed the S & P; 500, with a 6 percent annual return. Mozilo’s average annual pay has been $66 million. Amgen’s Kevin Sharer came in as the sixth least efficient executive. Forbes showed him receiving just $3.97 million compensation in 2007, which would put him in the bottom third of earners. However, the company’s 10k filed April 1 showed his total compensation closer to $20 million. The average CEO on the list earned $12.4 million, with those running the biggest 500 companies in the U.S. taking a 15 percent pay cut in 2008.

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