Angelo Mozilo was the chief executive of Countrywide Financial, the company that was taken over by Bank of America. He received a package of $124 million in 2007.
Angelo Mozilo was under scrutiny in connection with his huge pay packet from the beleaguered company. He agreed to forfeit $37.5 million in severance pay, fees and perks he was to get on retirement.
The study says, pay increases awarded to CEOs in the whole economy have lagged behind the increases directors have awarded themselves. The median increase in total compensation for all directors from 2006 to 2007 was 11.8 per cent, compared to 7.5 per cent for all CEOs.
Image: Angelo Mozilo, founder and former CEO, Countrywide Financial Corporation. | Photograph, courtesy: Mark Wilson/Getty Images
Also read: Economic package: What's in it for you
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