Countrywide Financial Corp. has a new president and chief operating officer, but CEO Angelo Mozilo plans to stay on past his previously announced retirement date.
Countrywide on Friday announced the appointment of David Sambol as president and chief operating officer. Sambol is thought by some analysts to be Mozilo’s likely successor.
But Mozilo, who once planned to retire when he turns 68 later this year, said Tuesday he has been working with Countrywide’s board for several months to continue as CEO.
Sambol, who has been with Countrywide for 21 years, replaced Stanford L. Kurland as COO. Kurland is leaving the company.
Mozilo said Tuesday that Kurland’s leaving the company had “nothing to do with the financial integrity of the company,” Reuters reported.
Sambol is credited with increasing Countrywide’s share of the mortgage market from 6 percent in 2000 to more than 15 percent at the end of 2005.
Sambol began his career at Countrywide as director of internal audit, and most recently was in charge of business segment operations. In that role, Sambol led all of the company’s revenue-generating functions, including serving as president and COO of Countrywide Home Loans, the company’s principal mortgage originations and servicing subsidiary.
“Our focus on real estate finance and related activities is Countrywide’s most powerful competitive advantage, and we plan to maintain our focus on the company’s core businesses and leverage our unique capabilities to capitalize on the ongoing consolidation in our industry,” Sambol said in a statement released Friday.
