Angelo Mozilo, chairman and chief executive of Countrywide Financial Corp., is taking a pay cut in an effort to blunt criticism of his compensation, the Wall Street Journal reports.

Mr. Mozilo said the move represents an attempt “to be responsive to the environment we’re in today” of closer scrutiny of executive compensation, rather than a signal that he has been overpaid. Countrywide argues that generous pay has produced excellent results. In the 10 years ended Dec. 31, it says, shareholders received a nearly sevenfold return, including dividends and stock-price gains.

But, Mr. Mozilo said, “I don’t want to be the lightning rod that casts any negativity on the company.”

Elaborating on data included in last week’s proxy statement, Countrywide said his base salary, performance-based bonus and equity-incentive pay would be down by between 48% and 62% this year, depending on company performance. Those items totaled about $42 million last year, the company said.

Mr. Mozilo, who grew up in New York’s Bronx borough as the son of a butcher, won’t suffer. He continues to receive equity grants under a long-term incentive plan and to benefit from past stock-option awards. Last year, he realized $72.2 million from exercising options.

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