CALABASAS, Calif., March 28 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC), a diversified financial services provider,
announced today that Eric P. Sieracki has been promoted to Executive Managing
Director and named Chief Financial Officer for the Company. Thomas K. "Keith"
McLaughlin, who had served as Countrywide's CFO since 2001, has elected to
step down from the role to focus on personal interests and has agreed to
remain with the Company in an advisory capacity. These changes will become
effective April 1, 2005.
Sieracki, most recently Countrywide's Senior Managing Director of
Corporate Development and Investor Relations, has 17 years' experience in
various executive financial positions within the Company. Upon his promotion,
all of Countrywide's major financial management departments will be moved
under the CFO's office. Previously, Sieracki had overseen investor relations,
corporate development and equity capital activities, while McLaughlin had been
responsible for corporate accounting, treasury, financial planning, taxation
and strategic planning. Sieracki's duties will now encompass all of these
areas.
"Eric Sieracki is a uniquely talented individual, and we are extremely
pleased that he will be assuming the critical role of Chief Financial
Officer," said Angelo R. Mozilo, Countrywide's Chairman and Chief Executive
Officer. "Eric provides an unmatched combination of experience, integrity,
intellect, technical knowledge and stature within the financial community, all
of which are necessary qualities in today's increasingly complex accounting
and financial environment. Countrywide's Board of Directors and senior
management team unanimously view him as the ideal choice to assume these
duties. We also thank Keith for nearly two decades of service to the Company,
and we wish him well in his future endeavors."
"The promotion of Eric Sieracki to the CFO position once again
demonstrates the tremendous depth of Countrywide's management team," said
Stanford L. Kurland, Countrywide's President and Chief Operating Officer.
"Throughout Eric's Countrywide career, I have worked closely with him as he
has grown into increasing levels of responsibility. During his tenure, Eric
has successfully served as head of the Company's corporate accounting,
treasury, internal audit, investor relations, corporate development,
enterprise risk assessment and strategic planning functions. In addition, he
has been the CFO of a previously affiliated company. Eric has worked hard to
prepare himself for larger responsibilities, and is now positioned to make an
even greater contribution to Countrywide's future."
"It is a great honor to accept the position as Countrywide's Chief
Financial Officer," said Sieracki. "My long tenure with the Company and
experience within its financial operations will enable a seamless transition.
I eagerly look forward to the opportunity to increase my contribution to the
Company's success."
Before his most recent position as Senior Managing Director, Corporate
Development and Investor Relations, Sieracki held the title of Senior Managing
Director and Corporate Treasurer. In that role he managed Countrywide's
treasury operations and banking relationship activities, directed its
award-winning investor relations effort, oversaw the internal audit department
and helped establish an enterprise risk assessment function, a critical step
in the Company's successful transition to regulated status. In addition,
Sieracki has served as Managing Director, Corporate Finance and
Communications, heading the Company's investor relations and public relations
functions, overseeing its mergers and acquisitions activities, and assisting
in the implementation of an integrated, company-wide strategic planning
process which has been recognized for its innovation and effectiveness. His
other roles within Countrywide have included Executive Vice President,
Corporate Finance, supervising the Company's accounting and finance functions;
and Chief Financial Officer of a publicly-traded entity previously affiliated
with the Company, Countrywide Mortgage Investments, Inc., which was the
predecessor to IndyMac Bancorp, Inc.
Before joining Countrywide in 1988, Sieracki was a manager with the
accounting firm Grant Thornton. He is a graduate of the Wharton School at the
University of Pennsylvania, with a Bachelor of Science degree in Economics.
About Countrywide
Founded in 1969, Countrywide Financial Corporation is a member of the S&P
500, Forbes 2000 and Fortune 500. Through its family of companies,
Countrywide provides mortgage banking and diversified financial services.
Mortgage banking businesses include loan production and loan 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
which provide loan closing services. Diversified financial services encompass
banking, capital markets, insurance, and global operations, largely through
the activities of Countrywide Bank, a division of Treasury Bank, N.A., a bank
offering depository and home loan products; Countrywide Capital Markets, a
mortgage-related investment banker; Balboa Life and Casualty Group, whose
companies are national providers of property, life and casualty insurance;
Balboa Reinsurance, a captive mortgage reinsurance company; and Global Home
Loans, a U.K. mortgage banking joint venture in which Countrywide holds a
majority interest. For more information about the Company, visit
Countrywide's website at http://www.countrywide.com.
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