CALABASAS, Calif., March 30 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) 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.
SOURCE Countrywide Financial Corporation
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Related links:
http://www.countrywide.com
CONTACT:
Media, Corporate Communications,
+1-800-796-8448, pressroom@countrywide.com, or Investors,
Investor Relations, +1-818-225-3550, both of Countrywide
Financial Corporation
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