Countrywide Financial Corp.'s President David Sambol will leave after Bank of America Corp.'s acquisition of the company instead of running the combined mortgage operations as originally announced.
The apparent former heir apparent to Countrywide Chief Executive Angelo Mozilo became a lightning rod for criticism given the massive losses at the mortgage lender after he received $28 million in cash and stock as an incentive to stay with Charlotte-based Bank of America after the takeover.
Bank of America spokesman Robert Stickler told Bloomberg News that Sambol will be able to keep the incentive package even though he will be retiring. Sambol also is receiving $9 million in stock, and Mozilo $10 million in stock, as a result of the acquisition.
Barbara Desoer, Bank of America's chief technology and operations officer, will lead consumer real estate operations, the bank said. Desoer, 55, will report to Chief Executive Officer Kenneth Lewis and she will run one of three legs of the bank's revamped consumer operations -- deposits, card and consumer real estate.
Liam McGee will remain president of the company's consumer and small business bank while Bruce Hammonds will be president of credit card and unsecured lending.
Bank of America said it expects to close the Countrywide acquisition by July 1 for the original $4.1 billion purchase price. There has been speculation that the deal may be scuttled or that BofA would lower its offer amid a continuing decline of the Calabasas-based lender's share price.
Shares in Countrywide were up 4.6 percent to $4.80 in afternoon trading Wednesday.
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